5… 4… 3… 2… 1… The banking industry is in the final New Year’s Eve countdown to the cessation of two U.S. dollar Libor tenors, with the remainder set to cease in 2023. On the latest episode of the ABA Banking Journal Podcast — sponsored by ServiceLink — ABA’s Hu Benton provides a status update on the Libor transition and what bankers need to know. Among other topics, he discusses: Where banks are in their rate transition processes The latest statements and expectations from regulators Libor alternatives banks are using or exploring, including SOFR, BSBY and Ameribor Policy remedies for so-called “tough legacy” contracts — Libor-referencing contracts that mature after cessation but that cannot be modified to include fallback language