Fed's Quarles Tells Banks To 'Pick Up Pace' On Leaving Libor

By Jon Hill (October 5, 2021, 8:26 PM EDT) -- The Federal Reserve's Randal Quarles prodded banks on Tuesday to "pick up on the pace" on their efforts to wean themselves off the London Interbank Offered Rate, saying their compliance with a key year-end deadline in the benchmark's phase-out will be a top focus of examiners in the coming months.

Quarles, who is the Fed's vice chair for supervision, said in a speech at a Structured Finance Association conference in Las Vegas that while financial institutions know they have to discontinue new use of Libor by the end of 2021, it's estimated that larger firms used an alternative benchmark for less...

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