Revised Interagency Statement on Loan Modifications by Financial Institutions Working with Customers Affected by the Coronavirus

Summary:

The FDIC, the Board of Governors of the Federal Reserve, the Office of the Comptroller of the Currency, the National Credit Union Administration, the Consumer Financial Protection Bureau, in consultation with state financial regulators, issued a revision to the Interagency Statement on Loan Modifications by Financial Institutions Working with Customers Affected by the Coronavirus issued on March 22, 2020. The revised interagency statement encourages financial institutions to work constructively with borrowers impacted by the Coronavirus Disease 2019 (referred to as COVID-19), provides additional information regarding loan modifications, and clarifies the interaction between the interagency statement and related relief provided by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

Statement of Applicability to Institutions with Total Assets under $1 Billion:

This Financial Institution Letter (FIL) applies to all FDIC-supervised institutions.

Distribution:

FDIC-Supervised Institutions

Read the FIL

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