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NCUA urges CUs to begin LIBOR transition The NCUA yesterday issued a Letter to Credit Unions instructing credit unions to begin to transition away from using the London Inter-bank Offered Rate (LIBOR) and complete the process no later than Dec. 31, 2021. In addition to the Letter to Credit Unions, the NCUA included a supervisory letter that provides the framework examiners will use to evaluate a credit union’s risk management processes and planning regarding the transition from LIBOR. The guidance applies to all federally-insured credit unions. “Failure to prepare for LIBOR disruptions could undermine a federally insured credit union’s financial stability, and safety and soundness,” wrote NCUA Chairman Todd Harper in the letter. “As noted in the Federal Financial Institutions Examination Council’s (FFIEC) July 1, 2020, Joint Statement on Managing the LIBOR Transition, the LIBOR transition is a significant event that credit unions should manage carefully.”

Todd harperTreasury departmentReference rate committeeFederal reserveHousing finance agencyFinancial institutions examination councilLondon interbank offered rateJoint statementSecured overnight financing rateAlternative reference rateFederal housing finance agencyடாட் ஹார்பர்கருவூலம் துறைகுறிப்பு ரேட் குழுகூட்டாட்சியின் இருப்புநிதி நிறுவனங்கள் தேர்வு சபை