NCUA Will Seek Information on CUs' Exposure to LIBOR

The National Credit Union Administration (NCUA) is proposing to add two questions to Form 4501A (Profile) regarding a federally insured credit union (FICU) exposure to London Interbank Offered Rate (LIBOR).

NCUA claims that these questions are needed to identify FICUs that have LIBOR instruments or use LIBOR as a reference rate.

Examiners will use this information to assess a FICU's readiness related to the discontinuation of the LIBOR index after 2021.

NCUA does not expect these questions will impose additional burden on FICUs in filling out the Form 4501A.

Read the Federal Register notice.