The following press release was published by the Board of Governors of the Federal Reserve System on Nov. 30, 2020. It is reproduced in full below.

WASHINGTON—The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency today issued a statement encouraging banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by Dec. 31, 2021, in order to facilitate an orderly—and safe and sound— LIBOR transition.

Source: Board of Governors of the Federal Reserve System