Agencies Urge Institutions to Meet Financial Needs of Customers Affected by Coronavirus

On March 9, 2020, federal financial institution regulators, along with state regulators, encouraged financial institutions to meet the financial needs of customers affected by the coronavirus. The agencies said they recognize the potential impact of the coronavirus on customers and the operations of many financial institutions, and will provide appropriate regulatory assistance to affected institutions under their supervision.

Regulators advised institutions to work constructively with borrowers and other customers in affected communities. The agencies stated that prudent efforts that are consistent with safe and sound lending practices should not be subject to examiner criticism.

The agencies said they understand that many financial institutions may face current staffing and other challenges. In cases where operational challenges persist, regulators will expedite, as appropriate, any request to provide more convenient availability of services in affected communities. Regulators said they will also work with affected institutions in scheduling examinations or inspections to minimize disruption and burden.

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