Law360 (March 10, 2021, 10:19 p.m. EST) – The Federal Reserve has issued guidance on how its examiners will review banks to verify their progress in preparing for the looming expiry of the London interbank rate, warning that late arrivals could face surveillance measures. .

In a letter dated Tuesday, the Fed said banks under its supervision would be assessed on their transition planning, readiness for legal contracts, operational readiness and other factors in the coming months as the Federal regulators’ year-end deadline is approaching for financial institutions to stop writing news. US dollar Libor contracts.

“Supervised companies that do not make adequate progress in the Libor transition could create security and …

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