WASHINGTON—U.S. regulators on Monday pressed banks to transition away from using the London interbank offered rate on new transactions by the end of 2021 while announcing that some transactions based on the troubled benchmark would be allowed to mature before Libor fully winds down in June 2023.
Financial firms and regulators around the world are preparing to stop using Libor—long a key benchmark for variable rate debt including many home mortgages—after it fell into disrepute a decade ago following a manipulation scandal.
