AFR joined NCLC and SBPC in a letter to Congress in support of the Economic Continuity and Stability Act, which would facilitate the credit industry’s smooth transition from the LIBOR index.
Americans for Financial Reform Education Fund, Center for Responsible Lending, National Consumer Law Center, National Fair Housing Alliance, and Student Borrower Protection Center sent a joint letter urging HUD to transition to the Secured Overnight Financing Rate (SOFR) and share its LIBOR transition plan as soon as possible. This transition plan should include providing direction to housing counselors about the process and a targeted outreach plan to provide borrowers and all stakeholders with timely, accurate information so that they know what to expect in the months to come.
Joint consumer advocate comments to CFPB on LIBOR transition
“Despite admissions of wrongdoing by major banks, the many victims of this fraud – from governments to pension funds to smaller banks – have yet to be compensated for their losses. With today’s ruling, they have a better chance to recover the money wrongfully taken from them by a group of the world’s largest banks.”
“These actions run far too deep and are much too extensive to be written off as the behavior of a few ‘rogue traders.'”
“The Libor bid-rigging scandal is poised to more than double the losses suffered by U.S. states and localities that bought $500 billion in interest-rate swaps before the financial crisis,” according to Bloomberg News (Oct. 9). “Manipulation of the London interbank offered rate cost issuers in