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ARTICLE · 22 DECEMBER 2021

CFPB Published Reg. Z Amendments To Facilitate Libor Transition

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The CFPB has amended Regulation Z to address the anticipated sunset of LIBOR, which is expected to be discontinued in June 2023.

United StatesFinance and Banking
Moorari K. Shah
Moorari K. Shah
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The CFPB has amended Regulation Z to address the anticipated sunset of LIBOR, which is expected to be discontinued in June 2023.  Some creditors currently use LIBOR as an index for calculating rates for open-end and closed-end products.  The effective date of this final rule is April 1, 2022.

Open-End Credit

The final rule sets forth a detailed road map for home equity lines of credit (HELOC) creditors (including reverse mortgages) and credit card issuers to choose a compliant replacement index for the LIBOR index.  Under this final rule, HELOC creditors and card issuers can transition away from using the LIBOR index to a replacement index on or after April 1, 2022, before LIBOR is expected to become unavailable. To accomplish this, this final rule imposes certain requirements on selecting a replacement index. HELOC creditors and card issuers must ensure that the APR calculated using the replacement index is substantially similar to the rate calculated using the

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