12 CFR 253.7 - Continuity of contract and safe harbor.

Regulations last checked for updates: Nov 23, 2024

Title 12 - Banks and Banking last revised: Nov 20, 2024

View all text of Part 253 [§ 253.1 - § 253.7]

§ 253.7 - Continuity of contract and safe harbor.

(a) The provisions of section 105(a)-(d) of the Adjustable Interest Rate (LIBOR) Act, 12 U.S.C. 5804(a)-(d), shall apply to any LIBOR contract for which the Board-selected benchmark replacement becomes the benchmark replacement pursuant to § 253.3(a) or (c).

(b) Nothing in this part is intended to alter or modify the availability or effect of the provisions of section 105(e) of the Adjustable Interest Rate (LIBOR) Act, 12 U.S.C. 5804(e).

authority: 12 U.S.C. 5801

source: 88 FR 5220, Jan. 26, 2023, unless otherwise noted.

cite as: 12 CFR 253.7