CFPB Says Consumers Must Know Risks As Libor Nears End

By Al Barbarino (October 20, 2021, 6:51 PM EDT) -- The Consumer Financial Protection Bureau urged financial institutions on Wednesday to make sure their disclosures around the imminent end of Libor help consumers understand how their interest rates will be calculated in the future.

The CFPB, along with four other federal and state financial regulators, issued a three-page statement on Wednesday highlighting the risks associated with the transition away from the benchmark London Interbank Offered Rate. But the bureau went further with an accompanying announcement focused on consumer protections.

"Consumers may not know when the transition from Libor will occur or how institutions will calculate their interest rates if they do...

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