OCC Increasing Oversight Of Banks' Prep For Libor Phaseout

Law360 (December 9, 2019, 5:31 PM EST) -- The U.S. Office of the Comptroller of the Currency said Monday that it is ramping up its oversight of national banks' preparations for the impending end of the London Interbank Offered Rate, saying the transition away from the key benchmark was one of the trends it's watching in the federal banking system.

In the latest edition of its Semiannual Risk Perspective report, the OCC said its examiners will be monitoring whether banks have started pinning down their exposure to Libor and coming up with strategies to mitigate risks tied to the planned phaseout of the troubled interest-rate benchmark, which U.K. regulators...

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