Consumer Lenders Can Act Now to Reduce Post-Libor Risk

Following the announcement by the UK's Financial Conduct Authority that it plans to stop requiring panel banks to contribute to the London Interbank Offered Rate (Libor) by the end of 2021, financial regulators and industry leaders have been advising lenders and other industry participants to prepare for the cessation of Libor. This article addresses the litigation risk posed by Libor cessation specifically in the context of existing consumer loans, given the broad use of Libor in such loans. We will also address steps consumer lenders should be taking now to minimize their risk.

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