CFPB Issues LIBOR Transition Proposed Rule, Guidance, and updated CHARM Booklet

June 04, 2020

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The CFPB issued a proposed rule to amend Regulation Z generally to address the sunset of LIBOR, and to facilitate creditors’ transition away from using LIBOR as an index for variable-rate consumer products; released additional companion FAQ guidance to address other LIBOR transition topics and regulatory questions under the existing rule; and revised the CHARM Booklet to provide updates based on consumer testing and remove LIBOR-based rate examples.

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