12 U.S.C. § 5805 — Benchmark for loans

The term “bank” means an institution subject to examination by a Federal financial institutions regulatory agency.

The term “covered action” means—

The term “Federal financial institutions regulatory agencies” has the meaning given the term in section 3302 of this title.

The term “Federal supervisory agency” means an agency listed in subparagraphs (A) through (H) of section 3401(7) of this title.

The term “non-IBOR loan” means any loan that, by its terms, does not use in any way LIBOR^*, any tenor of non-U.S. dollar currency rates formerly known as the London interbank offered rate as administered by ICE Benchmark^* Administration Limited (or any predecessor or successor administrator thereof), and any other interbank offered rates that are expected to cease, as a benchmark.

the bank, in any non-IBOR loan made before, on, or after March 15, 2022, may use any benchmark, including a benchmark that is not SOFR^*, that the bank determines to be appropriate for the funding model of the bank; the needs of the customers of the bank; and the products, risk profile, risk management capabilities, and operational capabilities of the bank; provided, however, that the use of any benchmark shall remain subject to the terms of the non-IBOR loan, and applicable law; and

no Federal supervisory agency may take any covered action against the bank solely because that benchmark is not SOFR.