Facilitating the LIBOR Transition (Regulation Z); Correction

CourtConsumer Financial Protection Bureau
Citation87 FR 8733
Record Number2022-03344
Publication Date16 February 2022
Federal Register, Volume 87 Issue 32 (Wednesday, February 16, 2022)
[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 [www.gpo.gov]
                [FR Doc No: 2022-03344]
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                Rules and Regulations
                 Federal Register
                ________________________________________________________________________
                This section of the FEDERAL REGISTER contains regulatory documents
                having general applicability and legal effect, most of which are keyed
                to and codified in the Code of Federal Regulations, which is published
                under 50 titles pursuant to 44 U.S.C. 1510.
                The Code of Federal Regulations is sold by the Superintendent of Documents.
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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 [email protected].
                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:
                ---------------------------------------------------------------------------
                 \1\ Facilitating the LIBOR Transition (Regulation Z), 86 FR
                69716 (Dec. 8, 2021).
                ---------------------------------------------------------------------------
                 The bracketed word ``at [placeholder]'' should read ``at
                https://www.consumerfinance.gov/compliance/compliance-resources/other-applicable-requirements/libor-index-transition/'';
                 The phrase ``Bureau of Consumer Fin. Prot., [Title]
                https://www.consumerfinance.gov/policy-compliance/guidance/other-applicable-requirements/libortransition/'' should read ``Bureau of
                Consumer Fin. Prot., LIBOR Index Transition Compliance Resources,
                https://www.consumerfinance.gov/compliance/compliance-resources/other-applicable-requirements/libor-index-transition/.''
                 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 https://www.consumerfinance.gov/compliance/compliance-resources/other-applicable-requirements/libor-index-transition/. 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, https://www.consumerfinance.gov/compliance/compliance-resources/other-applicable-requirements/libor-index-transition/.''
                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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