Federal and State Banking Agencies Encourage Financial Institutions to Meet Financial Needs of Customers and Members Affected by Coronavirus

Orrick - Finance 20/20
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On March 9, the Federal Reserve Board, FDIC, OCC, Consumer Financial Protection Bureau (CFPB), National Credit Union Administration (NCUA) and Conference of State Bank Supervisors (CSBS) issued a joint statement encouraging financial institutions to work constructively with borrowers and other customers in communities affected by the coronavirus. The agencies also pledged to provide appropriate regulatory assistance to affected institutions subject to their supervision, including by working with affected institutions to expedite certain requests and minimize disruptions or burdens in connection with examinations. Release.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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