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News Release 2021-110 | October 26, 2021

Acting Comptroller Discusses LIBOR Cessation and Replacement

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of maintaining trust in the banking system during the transition from LIBOR to replacement rates at the Alternative Reference Rates Committee (ARRC) Symposium.

His remarks highlighted the importance of a smooth transition away from LIBOR and the potential negative effects that complacency by bank management over LIBOR’s cessation and replacement can have on bank operations, safety and soundness.

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