SBPC and Partners Urge CFPB to Protect Borrowers During LIBOR Transition
In a letter sent to the Consumer Financial Protection Bureau, the SBPC, the National Consumer Law Center, and Americans for Financial Reform call on the CFPB to better protect consumers during the transition away from LIBOR.
The letter specifically responds to the CFPB’s proposed rule amending Regulation Z, the implementing regulation of the Truth in Lending Act. The groups are urging the CFPB to: 1) call on industry to adopt the Secured Overnight Finance Race as the official replacement index for LIBOR; 2) require more disclosures to borrowers related to the transition away from LIBOR and; 3) use all available authorities to push industry toward timely and orderly action.
Read the Letter: Comments in Response to the Notice of Proposed Rule Making
Read the Blog: Are Millions of Student Loan Borrowers About to Pay for Banks’ LIBOR Fraud?