Law360 (Mar 10, 2021, 10:19 p.m. EST) – The Federal Reserve has issued guidance on how its auditors will review banks on their progress in preparing for the impending expiry of the London Interbank Offered Rate, and warns that stragglers with prudential action could be faced.

In a letter Tuesday, the Fed said that the banks it oversees will be assessed in the coming months for their transition planning, legal contractual readiness, operational readiness and other factors as federal regulators’ financial oversight is nearing the end of the year so financial institutions don’t more rewrite contracts tied to US dollar Libor.

“Regulated companies that are not making sufficient progress in moving away from Libor could provide security and …

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