For more than 40 years, the London Interbank Offered Rate—commonly known as

Libor—was a key benchmark for setting the interest rates charged on adjustable-rate
loans, mortgages and corporate debt.

Over the last decade, Libor has been burdened by scandals and crises. Effective
December 31, 2021, Libor will no longer be used to issue new loans in the U.S. It is being
replaced by the Secured Overnight Financing Rate (SOFR), which many experts
consider a more accurate and more secure pricing benchmark.