The U.S. Department of the Treasury responded to a letter sent by U.S. treasury associations including the NACT which flagged concern about the apparent lack of engagement by US banks in LIBOR transition. Much has changed since the original letter in April, but the US Treasury response puts banks on notice that they are watching carefully to ensure there are no unintended consequences for Main Street USA, and by association corporates exposed to USD LIBOR.
See the press release and the full text of the letter via the links below:
