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US consumer watchdog should adopt pending Libor-related guidance for lenders ASAP, consumer advocate says

By Neil Roland ( November 2, 2021, 21:32 GMT | Insight) -- The US consumer watchdog should finalize pending Libor-transition guidance for lenders “as soon as possible” to ensure home-equity loan and credit-card borrowers aren’t tethered to higher rates when the tarnished benchmark expires, a consumer advocate said. Andrew Pizor, an attorney with the National Consumer Law Center, cited the need for advance notice to industry while addressing the Consumer Financial Protection Bureau’s 2020 proposal. The US consumer watchdog should finalize pending Libor-transition guidance for lenders “as soon as possible” to ensure home-equity loan and credit-card borrowers aren’t tethered to higher rates when the tarnished benchmark expires, a consumer advocate said....

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