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ARTICLE · 03 FEBRUARY 2023

JANUARY 2023 RECAP | Developments To Know In Banking, Fintech & Crypto

Kane Russell Coleman Logan PC
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In traditional banking: (1) A final rule implementing the LIBOR Act became effective; (2) the CFPB noted that there has been an increase in identity theft by military consumers...

United StatesTechnology
Jeff Novel
Jeff Novel
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In traditional banking: (1) A final rule implementing the LIBOR Act became effective; (2) the CFPB noted that there has been an increase in identity theft by military consumers; and (3) the DOJ entered into its largest redlining settlement

Final rule implementing LIBOR Act becomes ef fective

On December 16, 2022, a final rule implementing the LIBOR Act was published by the Federal Reserve. That rule became effective 30 days after publication in the Federal Register. The purpose of the final rule addressing “legacy contracts” was to avert issues relating to potential breaches of trillions of dollars in contracts for which there is no substitute for terms based on LIBOR. The legacy contracts reference LIBOR, mature after the final LIBOR settings cease at the end of June 2023 and lack LIBOR replacement provisions.

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