CFPB Finalizes Rules to Replace the Scandal-Plagued LIBOR in Setting Loan Rates

The U.S. Consumer Financial Protection Bureau (CFPB) has finalized rules to facilitate a transition away from the London Interbank Offered Rate (LIBOR) as a benchmark in consumer lending. The LIBOR will be eliminated over the next year and a half, with the CFPB providing requirements for how lenders must select a replacement.1