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Comment Period: Amendments to Facilitate the LIBOR Transition (Regulation Z)

The CFPB is proposing to amend Regulation Z, which implements the Truth in Lending Act, generally to address the sunset of LIBOR, expected to be discontinued after 2021. The proposal is to facilitate creditors’ transition away from using LIBOR as an index for variable-rate consumer credit products. The Bureau is proposing changes to certain open-end and closed-end provisions to provide examples of replacement indices for LIBOR indices that meet certain Regulation Z standards. The Bureau also is proposing changes to certain open-end provisions restricting index changes, requiring change-in-terms notices, and addressing how credit card rate reevaluation requirements apply. Read more here. 

  • August 4, 2020
  • Time: All Day
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