Banks Must Take Libor's End Seriously, Fed's Vice Chair Says

Law360 (June 3, 2019, 9:27 PM EDT) -- The Federal Reserve's top official for supervision urged banks on Monday to take seriously the impending end of the London Interbank Offered Rate and start preparing for it now, saying the biggest banks can expect to feel more pressure from the agency's examiners to make sure they're ready.

In prerecorded remarks to a New York audience, Fed Vice Chairman Randal Quarles said the financial industry has the tools it needs to begin moving away from Libor, the troubled interest-rate benchmark that trillions of dollars of financial instruments are tied to but that U.K. regulators have pledged to support only through the...

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