November 30, 2020

Agencies issue statement on LIBOR transition

• Board of Governors of the Federal Reserve System
• Federal Deposit Insurance Corporation
• Office of the Comptroller of the Currency

For release at 9:00 a.m. EST

WASHINGTON—The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency today issued a statement encouraging banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021, in order to facilitate an orderly—and safe and sound— LIBOR transition.