In an effort to provide assistance to the consumer credit and mortgage loan industries in connection with the upcoming transition away from the London Inter-Bank Offered Rate (LIBOR) that is currently used by many creditors as the index for calculating the interest rate on credit cards and other variable-rate consumer credit products, the CFPB issued proposed amendments to Regulation Z and LIBOR Transition FAQs.  The webinar will address:

  • A proposed new method for credit card issuers and home equity line of credit (HELOC) creditors to transition away from LIBOR, regardless of whether LIBOR is still available.

  • Indices that the CFPB proposes to deem as being substantially similar to LIBOR indices. 

  • A proposal regarding required change in terms notices for credit cards and HELOCs. 

  • A proposal to create an exception from the requirement for card issuers to periodically review increased rates when a rate increase results from the replacement of a LIBOR index. 

  • A proposal for closed-end credit that replacing LIBOR with certain indices that would be deemed comparable does not constitute the addition of a variable rate feature that would require new disclosures.

  • Guidance regarding how and when information on the transition from LIBOR to another index may be addressed in the initial or a subsequent rate and payment adjustment notice, and in a periodic statement.

Date & Time

Tuesday, July 14, 2020
12:00 PM - 1:00 PM ET

Speaker(s)

Alan S. Kaplinsky, Co-Practice Leader, Consumer Financial Services
Richard J. Andreano, Jr., Co-Practice Leader, Mortgage Banking
John L. Culhane, Jr., Partner, Consumer Financial Services

This program is open to Ballard Spahr clients and prospective clients. There is no cost to attend. This program is not eligible for continuing education credits.

Please register at least two days before the webinar. Login details will be sent to all approved registrants. For more information, contact questions@ballardspahr.com.

Register