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FHFA instructs Federal Home Loan Banks to transition away from Libor

The Federal Housing Finance Agency instructed the 11 Federal Home Loan Banks that, effective Dec. 31, 2019, they should stop purchasing investments in assets tied to the London interbank offered rate with a contractual maturity beyond Dec. 31, 2021.

As of March 31, 2020, the Federal Home Loan Banks should no longer enter into all other Libor-based transactions involving advances, debt, derivatives, or other products with maturities beyond Dec. 31, 2021, with only "very limited exceptions" granted by the FHFA.