Dulcey Antonucci - 717.214.6036, DoBSComm@PA.gov # # # State-regulated 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 Wiessmann, Pennsylvania Secretary of Banking and Securities, firms were warned that delaying the transition to an alternative index will exacerbated the risks associated with the discontinuation of LIBOR. The state has already begun preparing for this possibility.
State-regulated 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 Wiessmann, Pennsylvania Secretary of Banking and Securities, firms were warned that delaying the transition to an alternative index will exacerbated the risks associated with the discontinuation of LIBOR. The state has already begun preparing for this possibility.