While most transactions may be best suited for SOFR, financial institutions may select any reference rate for use as an alternative to LIBOR. State - chartered banks , credit unions , and other financial services companies in Pennsylvania have been called to action and urged to prepare for the switch from LIBOR . In a letter issued by Robin Brown , Pennsylvania Secretary of Banking and Securities , investors were warned that delaying the transition to an alternative index will exacerbated the risks associated with the discontinuation of LIBOR . Relevant document : Letter issued by Robin L Wiessmann , Pennsylvania Secretary of Banking and Securities ~ 25-Jul-19
State - chartered banks , credit unions , and other financial services companies in Pennsylvania have been called to action and urged to prepare for the switch from LIBOR . In a letter issued by Robin Brown , Pennsylvania Secretary of Banking and Securities , investors were warned that delaying the transition to an alternative index will exacerbated the risks associated with the discontinuation of LIBOR . Relevant document : Letter issued by Robin L Wiessmann , Pennsylvania Secretary of Banking and Securities ~ 25-Jul-19