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OCC Bulletin 2020-104
November 30, 2020
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Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) today issued a statement to encourage banks1 to transition away from U.S. dollar (USD) Libor as soon as practicable.
The statement clarifies the steps that the banks are expected to take to facilitate an orderly transition away from USD Libor that will promote banks' safety and soundness.
The statement applies to community banks. The applicability of some concepts depends on the nature and extent of the banks’ USD Libor exposure.
The Libor transition is a significant event that poses complex challenges for banks and the financial system. The statement conveys that
Please contact Ang Middleton, Risk Specialist, or Chris McBride, Director of Treasury and Market Risk Policy, at (202) 649-6360.
Grovetta N. Gardineer
Senior Deputy Comptroller for Bank Supervision Policy
1 "Banks" refers collectively to national banks, federal savings associations, and federal branches and agencies of foreign banking organizations.