FSB Chair Randal Quarles has issued a loud and clear call to action, not just to those banks supervised by the Federal Reserve, but in effect to every firm with any kind of LIBOR exposure. Do you know yet where, and to what extent, your firm will be impacted? Getting to grips with this challenge has got to be near the top of the "to do" list for 2019.
we have only a little over two and a half years until the point at which LIBOR could end, and the transition needs to continue to accelerate. The private sector needs to take on this responsibility, and we expect you to do so. The Federal Reserve's supervisory teams are including the transition away from LIBOR in their monitoring discussions with large firms. The Federal Reserve will expect to see an appropriate level of preparedness at the banks it supervises.