SBPC and Coalition Partners Warn of Continued Consumer Risk and Dangerous Stakeholder Complacency in the Transition Away from LIBOR
In a letter sent to the Alternative Reference Rates Committee, the SBPC, Americans for Financial Reform Education Fund, and the National Consumer Law Center, raise key borrower protection concerns around the transition away from LIBOR. The letter highlights several areas where risks to borrowers continue to be ignored and demands substantially heightened buy-in and participation from industry on issues related to the transition.
The letter also calls out America’s top consumer watchdog, the Consumer Financial Protection Bureau, for ongoing inaction in the face of a market shift that will impact tens of millions of consumers. The letter was written in response to a public request for comments from the Alternative Reference Rates Committee.