The Department suggests the following risk management actions: In June 2017, the Alternative Reference Rates Committee (ARRC) identified as an alternative to LIBOR the Secured Overnight Financing Rate (SOFR), which is published by the Federal Reserve Bank of New York in cooperation with the U.S. Office of Financial Research. 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 L Wiessmann , Harrisburg Secretary of the Alternative Reference Rates Committee , firms 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 Wiessmann , Pennsylvania Secretary of Banking and Securities ~ 25-Jul-19
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 L Wiessmann , Harrisburg Secretary of the Alternative Reference Rates Committee , firms 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 Wiessmann , Pennsylvania Secretary of Banking and Securities ~ 25-Jul-19