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Why is London Interbank Offered Rate (LIBOR) going away?

LIBOR’s reputation was severely tarnished by scandals where several global banks were fined as a result of the investigations of LIBOR manipulation. As a result of these issues, LIBOR has been in the process of phasing out and is being replaced by more reliable rates.

Last Reviewed: April 2021

Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on should not be construed as legal advice or a legal opinion of the OCC.

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