The Department of Financial Services has extended by 45 days the deadline for credit unions and other financial entities to submit their London Interbank Offered Rate transition risk management plans to the department.
“The Department expects all institutions to submit complete and comprehensive plans by the revised submission date of March 23, 2020. This is the final deadline,” said DFS Superintendent Linda A. Lacewell in a statement.
Lacewell initially requested in a Dec. 23, 2019 letter to financial organizations that they submit their plans by Feb. 7. The department, however, received numerous requests to extend the time to respond, Lacewell said in a second letter to financial organizations on Jan. 23.
“It is imperative that regulated institutions with LIBOR exposure have robust and comprehensive plans in place to address their risk,” Lacewell said the letter, which can be accessed on the DFS website.