Transcription of LIBOR Transition FAQs 1
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LIBOR Transition FAQs 1
VERSION 2 | LAST UPDATED 12/7/2021. LIBOR Transition FAQs 1. The questions and answers below pertain to compliance with Bureau regulations for consumer financial products and services impacted by the anticipated LIBOR discontinuation and resulting need to Transition to other indices. The guidance addresses Bureau regulatory requirements for both existing accounts and new originations as they complete the steps necessary to discontinue use of LIBOR . Other legal requirements may also apply. All Consumer Financial Products and Services NOTE: The questions and answers in this section apply to all consumer financial products and services impacted by the LIBOR Transition . QUESTION 1: What is the LIBOR Transition ? . ANSWER (UPDATED 12/7/2021): The LIBOR Transition references both the anticipated discontinuation of LIBOR (and LIBOR - based indices), as well as the preparations financial institutions, government agencies, and other entities are making to Transition businesses from LIBOR -based indices.
The guidance addresses Bureau regulatory requirements for both ... a change to the contract terms, limits on when the index can change, and requirements for ... Act on unfair, deceptive, or abusive acts or practices, and continue to follow their normal business practices in assessing and mitigating risk in those areas while completing the LIBOR ...
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