The members of the Federal Financial Institutions Examination Council, which includes the NCUA, yesterday highlighted the risks that will result from the transition away from the London Inter-bank Offered Rate, or LIBOR. The regulators encouraged supervised institutions to continue their efforts to transition to alternative reference rates in order to mitigate financial, legal, operational and consumer protection risks.
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The state Department of Financial Services issued an alert to its regulated institutions, including state-chartered credit unions, warning about the increased likelihood of cyberattacks originating in Iran. The letter was issued after the Iranian government vowed to retaliate for the death of Qassem Soleimani, a senior official in the Iranian military who was killed in a U.S. airstrike Friday.