Weekly Update from the RMA Coronavirus Blog – March 23, 2020

The following includes information from RMA’s Coronavirus Blog, which provides market intelligence on how financial institutions are managing coronavirus risks in various ways. For access to this blog, which is updated regularly and includes peer sharing by experienced risk managers, become an RMA member.

As the U.S. felt the impact of the COVID-19 crisis last week, member institutions established weekly calls and discussed critical topics such as working remotely, CECL, third-party risk management, and much more. (For insight into these calls, click here. If you would like to join any of these calls, reach out to the host listed.) Below is a small sampling of what was discussed:

  • On March 20, 2020 Conference of State Bank Supervisors President John W. Ryan issued a statement in support of FDIC Chairman McWilliams’ recent request to the Financial Accounting Standards Board for a delay in transactions to and exclusions from certain accounting rules due to COVID-19. 

  • Regarding the impact on third-party risk management, institutions are identifying all third parties that have access to sensitive data and NPPI, or support critical activities, networks, and systems. They are also currently reviewing pandemic plans for all high-risk and critical vendors. 

  • An RMA staff call with member banks provided insight into how they are approaching the various HR issues posed by the COVID-19 pandemic.

  • Mid-tier bank executives noted in a call with RMA staff last week that they are trying to keep as many staff as practical at home, but that some functions (lockbox, loan operations, and others) require alternate teams in and teams out to ensure coverage. 

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