April 07, 2021

STATEMENT FROM DFS SUPERINTENDENT LINDA A. LACEWELL ON NEW YORK STATE LIBOR TRANSITION:

“Passage of LIBOR legislation, which covers contracts under New York law without effective fallbacks, is a significant step towards reducing risks associated with transition away from U.S. dollar LIBOR.  I commend the New York State Legislature, especially Senator Kevin Thomas and Assemblyman Kenneth Zebrowski as the legislation sponsors and Governor Andrew M. Cuomo for acting quickly to provide greater certainty to consumers and market participants and lessening the burden on New York courts as legal uncertainty on transition would have prompted disputes.”

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