Rule2022-03344
Facilitating the LIBOR Transition (Regulation Z); Correction
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
February 16, 2022
Effective
February 16, 2022
Issuing agencies
Consumer Financial Protection Bureau
Abstract
On December 8, 2021, the Consumer Financial Protection Bureau (Bureau) published the "Facilitating the LIBOR Transition (Regulation Z)" final rule (LIBOR Transition Final Rule) in the Federal Register. The SUPPLEMENTARY INFORMATION in the LIBOR Transition Final Rule contained two clerical errors regarding a hyperlink to documents referenced in each footnote. This document corrects those errors.
Full Text
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<title>Federal Register, Volume 87 Issue 32 (Wednesday, February 16, 2022)</title>
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[Federal Register Volume 87, Number 32 (Wednesday, February 16, 2022)]
[Rules and Regulations]
[Page 8733]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-03344]
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Rules and Regulations
Federal Register
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having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
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Federal Register / Vol. 87, No. 32 / Wednesday, February 16, 2022 /
Rules and Regulations
[[Page 8733]]
BUREAU OF CONSUMER FINANCIAL PROTECTION
12 CFR Part 1003
[Docket No. CFPB-2020-0014]
RIN 3170-AB01
Facilitating the LIBOR Transition (Regulation Z); Correction
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Final rule; correction.
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SUMMARY: On December 8, 2021, the Consumer Financial Protection Bureau
(Bureau) published the ``Facilitating the LIBOR Transition (Regulation
Z)'' final rule (LIBOR Transition Final Rule) in the Federal Register.
The SUPPLEMENTARY INFORMATION in the LIBOR Transition Final Rule
contained two clerical errors regarding a hyperlink to documents
referenced in each footnote. This document corrects those errors.
DATES: This correction is effective on February 16, 2022.
FOR FURTHER INFORMATION CONTACT: Krista Ayoub, Kristen Phinnessee, or
Lanique Eubanks, Senior Counsels, Office of Regulations, at 202-435-
7700. If you require this document in an alternative electronic format,
please contact <a href="/cdn-cgi/l/email-protection#f8bbbea8baa7b99b9b9d8b8b919a9194918c81b89b9e889ad69f978e"><span class="__cf_email__" data-cfemail="3f7c796f7d607e5c5c5a4c4c565d5653564b467f5c594f5d11585049">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: On December 8, 2021, the Bureau published in
the Federal Register the ``Facilitating the LIBOR Transition
(Regulation Z)'' final rule (LIBOR Transition Final Rule), which amends
various provisions in Regulation Z in anticipation of the sunset of
LIBOR.\1\ Two footnotes in the SUPPLEMENTARY INFORMATION contained
clerical errors regarding a hyperlink to materials referenced in each
footnote, one omitting the hyperlink and the other providing the
incorrect hyperlink and omitting the document title. Specifically, in
footnote 1 in the second column of page 69716 and in footnote 10 in the
third column of page 69718 of volume 86 of the Federal Register:
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\1\ Facilitating the LIBOR Transition (Regulation Z), 86 FR
69716 (Dec. 8, 2021).
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<bullet> The bracketed word ``at [placeholder]'' should read ``at
<a href="https://www.consumerfinance.gov/compliance/compliance-resources/other-applicable-requirements/libor-index-transition/">https://www.consumerfinance.gov/compliance/compliance-resources/other-applicable-requirements/libor-index-transition/</a>'';
<bullet> The phrase ``Bureau of Consumer Fin. Prot., [Title]
<a href="https://www.consumerfinance.gov/policy-compliance/guidance/other-applicable-requirements/libortransition/">https://www.consumerfinance.gov/policy-compliance/guidance/other-applicable-requirements/libortransition/</a>'' should read ``Bureau of
Consumer Fin. Prot., LIBOR Index Transition Compliance Resources,
<a href="https://www.consumerfinance.gov/compliance/compliance-resources/other-applicable-requirements/libor-index-transition/">https://www.consumerfinance.gov/compliance/compliance-resources/other-applicable-requirements/libor-index-transition/</a>.''
These changes make it so that the referenced hyperlink is now
accessible in the Federal Register.
Correction
Accordingly, the Bureau makes the following corrections to FR Doc.
2021-25825 published on December 8, 2021 (86 FR 69716):
1. On page 69716, in the second column, revise footnote 1 to read
``When amending commentary, the Office of the Federal Register requires
reprinting of certain subsections being amended in their entirety
rather than providing more targeted amendatory instructions. The
sections of regulatory text and commentary included in this document
show the language of those sections. In addition, the Bureau is
releasing an unofficial, informal redline to assist industry and other
stakeholders in reviewing the changes made in this final rule to the
regulatory text and commentary of Regulation Z. This redline can be
found on the Bureau's website, at <a href="https://www.consumerfinance.gov/compliance/compliance-resources/other-applicable-requirements/libor-index-transition/">https://www.consumerfinance.gov/compliance/compliance-resources/other-applicable-requirements/libor-index-transition/</a>. If any conflicts exist between the redline and the
text of Regulation Z, its commentary, or this final rule, the documents
published in the Federal Register are the controlling documents.''
2. On page 69718, in the third column, revise footnote 10 to read
``At the same time as issuing the proposal, the Bureau issued separate
written guidance in the form of Frequently Asked Questions (FAQs) for
creditors and card issuers to use as they transition away from using
LIBOR indices. These FAQs addressed regulatory questions where the
existing rule was clear on the requirements and already provides
necessary alternatives for the LIBOR transition. The FAQs, as well as
additional written guidance materials including an executive summary of
this final rule, are available here: Bureau of Consumer Fin. Prot.,
LIBOR Index Transition Compliance Resources, <a href="https://www.consumerfinance.gov/compliance/compliance-resources/other-applicable-requirements/libor-index-transition/">https://www.consumerfinance.gov/compliance/compliance-resources/other-applicable-requirements/libor-index-transition/</a>.''
Rohit Chopra,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2022-03344 Filed 2-15-22; 8:45 am]
BILLING CODE 4810-AM-P
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