On 11/19/21, the Federal Reserve Board updated their FAQs regarding the transition away from the London Interbank Offered Rate (LIBOR). Originally issued on July 29, 2021, Federal Reserve Letter SR 21-12 was revised to provide additional frequently asked questions in response to questions from institutions regarding the transition away from using LIBOR as a reference rate. The updated FAQs, together with the FAQs issued in July 2021, were included with the letter.

On 11/23/21, the joint agencies issued a statement summarizing their interagency “policy sprints” focused on crypto-assets and providing a roadmap of future work related to crypto-assets. In their release, the agencies explain that the statement describes the focus of the preliminary work conducted through the sprints undertaken by the agencies. It summarizes the agencies’ plan to provide greater clarity throughout 2022 on whether certain crypto-related activities conducted by banking organizations are legally permissible, and related expectations for safety and soundness, consumer protection, and compliance with existing law and regulations.

On 11/18/21, the joint agencies issued a final rule to improve the sharing of information about cyber incidents that may affect the U.S. banking system. According to the FDIC’s press release, the final rule requires a banking organization to notify its primary federal regulator of any significant computer-security incident as soon as possible and no later than 36 hours after the banking organization determines that a cyber incident has occurred. Notification will be required for incidents that have materially affected—or are reasonably likely to materially affect—the viability of a banking organization’s operations, its ability to deliver banking products and services, or the stability of the financial sector.