New York State Department of Financial Services · NY
Request for Assurance of Preparedness for LIBOR Transition (Update)
January 23, 2020
Summary
The New York State Department of Financial Services has extended the deadline to respond to the prior LIBOR transition readiness inquiry to March 23, 2020. Regulated institutions must ensure they have robust transition plans in place to mitigate risks associated with the discontinuation of LIBOR indices.
Industry Letter
January 23, 2020
Re: Request for Assurance of Preparedness for LIBOR Transition {Update)
To the CEO or the Equivalent of Regulated Institutions:
This is an update to the referenced Industry Letter: Request for Assurance of Preparedness for LIBOR Transition, dated December 23, 2019 (the Industry Letter). The Industry Letter requested a response by February 7, 2020.
The New York State Department of Financial Services (the Department) has received numerous requests to extend the time to respond to the Industry Letter. It is imperative that regulated institutions with LIBOR exposure have robust and comprehensive plans in place to address their risk. To that end, the Department hereby extends the deadline for responding to the Industry Letter an additional 45 days to March 23, 2020. This is a final deadline.
Sincerely,
Linda A. Lacewell,
Superintendent
New York State Department of Financial Services
Common questions
- What does "Request for Assurance of Preparedness for LIBOR Transition (Update)" cover?
- The New York State Department of Financial Services has extended the deadline to respond to the prior LIBOR transition readiness inquiry to March 23,…
- Which agency issued this update?
- This update was issued by New York State Department of Financial Services.
- When was it published?
- It was published on January 23, 2020.
Related updates
- Mortgagee Letter 2026-03: Updates to Bidding at Foreclosure and Post-Foreclosure Sales Efforts
- Bulletin 2026-4: 2026-4
- Lakeview Loan Servicing, LLC, Pingora Loan Servicing, LLC, Community Loan Servicing, LLC, and Bayview Asset Management, LLC Multistate Settlement Agreement and Consent Order issued by the Division of Banking
- Ocwen Financial Corp. order issued by the Division of Banking and find answers to frequently asked questions. (order)
- Agreed Order
- Security State Bank Order issued by the Division of Banking and the FDIC