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The word Libor with financial graphs and calculator Source: Vintage Tone/Shutterstock

The Federal Reserve continues to encourage credit unions and other financial institutions to stop writing contracts using the London Interbank Offered Rate, or LIBOR, by the end of 2021. After that, the one-week and two-month LIBOR rates for short-term borrowing will no longer be published.

And, even though the LIBOR administrator announced in late November 2020 that it will publish the remaining dollar-denominated LIBOR rates through the end of June 2023 to allow legacy contracts to mature, credit unions should begin preparing now for the transition to a new benchmark.

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