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CFPB Releases Handbook, NPRM & Guidance for LIBOR Transition

Thursday, June 11, 2020   (0 Comments)
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CFPB Releases Updated Handbook, NPRM & Guidance for LIBOR Transition

 

To facilitate the transition away from LIBOR, the Consumer Financial Protection Bureau (CFPB) released an updated Consumer Handbook on Adjustable Rate Mortgages (CHARM) to help consumers better understand adjustable rate mortgage loan products. The CFPB also released a Notice of Proposed Rulemaking concerning the anticipated discontinuation of LIBOR, including proposing examples of replacement indices that meet Regulation Z standards. The NPRM will be open for public comments until August 4, 2020. Additionally, the CFPB will issue guidance on other important LIBOR transition topics that do not require amendments to Regulation Z.
 
CLICK HERE for the CFPB's press release.
 
CLICK HERE for Rich Andreano's comments on the Updated CHARM booklet.



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