We use cookies to improve your experience and optimize user-friendliness. Read our privacy policy for more information on the cookies we use and how to delete or block them. To continue browsing our site, please click accept.
VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
2023 Tax Calendar
On May 17, 2021, the National Credit Union Administration (NCUA) issued Letter to Credit Unions 21-CU-03 regarding the London Inter-bank Offered Rate (LIBOR) transition.
Starting Dec. 31, 2021, one-week and two-month LIBOR settings will no longer be published. All of the other LIBOR settings will no longer be published beginning on June 30, 2023. The extension to June 30, 2023, allows for legacy LIBOR contracts to mature without credit unions generally needing to act. However, the NCUA stresses the extended deadline should not be construed as an opportunity to continue using the LIBOR. Instead, the NCUA encourages credit unions to transition away from LIBOR as soon as possible. Credit unions have the option of using a reference rate other than the LIBOR or using fallback language that includes a clearly defined alternative reference rate after LIBOR is discontinued.
To understand how this may impact your credit union, contact Doeren Mayhew’s regulatory compliance specialists today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
A quick registration is required to view our resources.
You will only be asked to do this one time (unless you don't save your browser cookies).