Coronavirus: Regulators release pandemic planning guidance, urge FIs to support consumers

In the wake of the coronavirus, the Federal Financial Institutions Examination Council (FFIEC) last week released pandemic preparedness guidance to help financial institutions address risks and minimize negative impacts of a pandemic. In addition, federal and state regulators Monday encouraged financial institutions to support consumers who may face financial hardships as a result of the virus.

Democrat members of the Senate Banking Committee had sent letters to financial regulators, including the NCUA, earlier Monday urging guidance to allow financial institutions to provide consumers that could face financial hardships as a result of the coronavirus with loan and credit relief.

In a statement yesterday afternoon from the Federal Reserve, CFPB, FDIC, NCUA, Office of the Comptroller of the Currency, and Conference of State Bank Supervisors, the agencies said they would “provide appropriate regulatory assistance to affected institutions subject to their supervision.”


continue reading »