NCUA, agencies issue joint statement on completing LIBOR transition

NCUA and other federal financial regulators issued a statement (23-CU-03) Wednesday reminding suprvised institutions U.S. dollar LIBOR panels will end June 30. The agencies reiterate that institutions with USD LIBOR exposure should complete their transition of remaining LIBOR contracts "as soon as practicable."

"Also, institutions need to take all necessary steps to prepare for an orderly transition away from LIBOR by June 30, 2023," the letter reads "NCUA examiners will continue monitoring efforts through 2023 to ensure that credit unions have moved their contracts away from LIBOR in a safe and sound manner and in compliance with applicable legal requirements.

Additional guidance on LIBOR transition plans can be found in a May 2021 Letter to Credit Unions (21-CU-03).