A criminal London Inter-Bank Offered Rate (LIBOR) rate-setting conspiracy that implicated major international banks has resulted in the Consumer Financial Protection Bureau (CFPB) finalizing a rule to transition away from the LIBOR interest rate index for all consumer financial products starting in 2022. The rule establishes how creditors must select replacement indices for existing LIBOR-linked consumer loans starting April 1, 2022. The transition away from LIBOR must be complete by June 2023. …
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