OCC Issues Joint Statement on LIBOR Transition

The Office of the Comptroller of the Currency (OCC) and other federal financial institution regulatory agencies (collectively, the agencies), in conjunction with the state bank and state credit union regulators, today issued a joint statement to remind banks that U.S. dollar (USD) LIBOR panels will end on June 30, 2023, and to emphasize that it is important that banks with USD LIBOR exposure complete their transition of remaining LIBOR contracts as soon as practicable.

This included warnings to ensure that replacement rates had been negotiated and that they were appropriate for the banks' "products, risk profiles, risk management capabilities, customer and funding needs, and operational capabilities."

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