CFPB adopts rule to smooth end of Libor in consumer loans

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By Jon Hill (December 7, 2021, 9:38 p.m. EST) – The Consumer Financial Protection Bureau took another step on Tuesday in dropping Libor as the benchmark rate for the financial sector, issuing a final rule to facilitate change . to alternative references for variable rate mortgages, credit cards and other types of consumer credit.

The rule amends the CFPB’s Lending Truth Regulations to clarify the standards for creditors when replacing the London Interbank Offered Rate as a pricing benchmark in their existing lending products. The index, which is benchmarked by around $ 1.4 trillion in consumer loans, is expected to be phased out by mid-2023 after years of manipulation and reliability …

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