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How will the change from London Interbank Offered Rate (LIBOR) to Secured Overnight Financing Rate (SOFR) or other replacement rate affect my payment on my adjustable-rate mortgage (ARM), reverse mortgage, Home Equity Line of Credit (HELOC), student loan, credit card, or other consumer loan? 

Your payment could change, depending on the new rate chosen by your bank or servicer. You should receive communications from your bank or servicer explaining how your rate and payment will be affected by the change from LIBOR to SOFR or another replacement rate.

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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