Transition from LIBOR: Credit Sensitivity Group Workshops

February 25, 2020

In support of the transition away from LIBOR by the end of 2021, after which LIBOR can no longer be guaranteed, regulators regularly hold discussions with stakeholders to understand their needs and concerns related to the LIBOR transition.

As part of that effort, the Federal Deposit Insurance Corporation, the Federal Reserve Board of Governors, the Office of the Comptroller of the Currency and the U.S. Department of the Treasury met with representatives of a number of U.S. regional banks on February 25, 2020 to discuss ways to support the transition of loan products away from LIBOR, including by holding a series of working sessions. Following up on this meeting, Credit Sensitivity Group workshops will be hosted by the New York Fed to further discuss these issues.

The workshops aim to build a shared understanding of the challenges that banks of all sizes and their borrowers may have in transitioning loan products from LIBOR. They will also explore methodologies to develop a robust lending framework that considers a credit sensitive rate element in the lending markets as a supplement to SOFR.

The Credit Sensitivity Group workshops are separate from and supportive of the work of the ARRC. The workshops will be completed in the spring of 2020; in the meantime, firms should continue their preparations to move off of LIBOR and on to robust alternative reference rates.

Event Details

Additional information regarding the timing, location and agenda of the workshops will be posted here as it becomes available. Workshop minutes and other outcomes will also be posted here.

Media & General Inquiries
This meeting and future workshops are closed to press. Journalists with questions may contact Darren Gersh at the Federal Reserve Board of Governors at darren.gersh@frb.gov or Suzanne Elio and Betsy Bourassa at the New York Fed at suzanne.elio@ny.frb.org and betsy.bourassa@ny.frb.org. All other inquiries may be directed to Monica Scheid at the New York Fed at monica.scheid@ny.frb.org.