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CFPB RIN: 3170-AB19 Publication ID: Spring 2023 
Title: ●Facilitating the LIBOR Transition Consistent with the Adjustable Interest Rate (LIBOR) Act (Regulation Z) 

Millions of consumers have adjustable-rate mortgages, credit cards, student loans, reverse mortgages, home equity lines of credit (HELOCs), or other consumer products that are tied to the LIBOR index; the UK Financial Conduct Authority has stated that it cannot guarantee the publishing of LIBOR beyond June 2023. The CFPB issued its original LIBOR final rule in December 2021.  Since then, the Adjustable Interest Rate (LIBOR) Act (the LIBOR Act) was enacted and the Board of Governors of the Federal Reserve (Board) issued a final rule implementing the Act.  This interim final rule reflects the enactment of the LIBOR Act and Board’s regulation and further addresses the expected discontinuance of LIBOR.  The interim final rule conforms the terminology in relevant Regulation Z open-end and closed-end credit provisions to the LIBOR Act and addresses treatment of the 12-month USD LIBOR index and its replacement index in various comments, including permitting creditors to use alternative language in change-in-terms notice content requirements for situations where the 12-month tenor of the LIBOR index is being replaced consistent with the LIBOR Act.

Agency: Consumer Financial Protection Bureau(CFPB)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: Undetermined 
CFR Citation: 12 CFR 1026   
Legal Authority: 15 U.S.C. 1601 et seq.   
Legal Deadline:  None
Action Date FR Cite
Interim Final Rule  05/11/2023  88 FR 30598   
Interim Final Rule Comment Period End  06/12/2023 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Lanique Eubanks
Office of Regulations
Consumer Financial Protection Bureau
Washington, DC 20552
Phone:202 435-9415