On 6/4/2020, the CFPB announced that it began taking steps to transition away from LIBOR for consumers and regulatred entities. As explained in their announcement, the CFPB released an updated Consumer Handbook on Adjustable Rate Mortgages (CHARM) as well as a Notice of Proposed Rulemaking (NPRM) concerning the anticipated discontinuation of LIBOR, including proposing examples of replacement indices that meet Regulation Z standards. Additionally, the Bureau issued a number of FAQs on other important LIBOR transition topics that do not require amendments to Regulation Z.
The CFPB announcement can be found here.
The proposed rulemaking can be found here.
The FAQs can be found here.
The updated CHARM Booklet can be found here.
A CFPB Notice of the CHARM Booklet Changes can be found in the Federal Register here.