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Agencies encourage financial institutions to meet financial needs of customers and members affected by coronavirus

March 11, 2020 / Source: FRB

Joint Press Release

March 09, 2020

Agencies encourage financial institutions to meet financial needs of customers and members affected by coronavirus

Board of Governors of the Federal Reserve System

Consumer Financial Protection Bureau

Federal Deposit Insurance Corporation

National Credit Union Administration

Office of the Comptroller of the Currency

Conference of State Bank Supervisors

For release at 4:30 p.m. EDT

Federal financial institution regulators and state regulators today encouraged financial institutions to meet the financial needs of customers and members affected by the coronavirusThe agencies recognize the potential impact of the coronavirus on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision.

Regulators note that financial institutions should work constructively with borrowers and other customers in affected communities. Prudent efforts that are consistent with safe and sound lending practices should not be subject to examiner criticism.

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

Media Contacts:

Federal Reserve Board

Darren Gersh

202-452-2955

FDIC

Julianne Fisher Breitbeil

202-898-6895

CFPB

Marisol Garibay

202-435-7170

CSBS

Jim Kurtzke

202-728-5733

NCUA

Ben Hardaway

703-518-6333

OCC

Bryan Hubbard

202-649-6870

Last Update: March 09, 2020