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The Alternative Rate Reference Committee Consumer Products Working Group published two guides aimed at supporting the transition from LIBOR to alternative reference rates. The first guide focuses on LIBOR-based adjustable rate mortgages (or "ARMs") and the second guide focuses on LIBOR-based variable rate private student loans.
The guides provide "key milestones," suggested roles and responsibilities for stakeholders, and recommended timelines based on the anticipated LIBOR cessation date of December 31, 2021.
Commentary
These ARRC releases provide practical guidance for the wide array of stakeholders tackling the LIBOR transition related to the two consumer products that affect many American households -- LIBOR ARMS and private student loans.
Primary Sources
- ARRC Press Release: ARRC Publishes Transition Resource Guides for Adjustable Rate Mortgages and Private Student Loans
- LIBOR ARM Transition Resource Guide
- LIBOR-Based Private Student Loan Transition Resource Guide
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
