Financial institutions should work constructively with borrowers and other customers in communities affected by coronavirus outbreaks, federal financial regulators and their state counterparts said in a joint statement issued Monday.
The five federal financial regulatory agencies, along with the Conference of State Bank Supervisors (CSBS) – a professional association, said in a release that their 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.”
In working “constructively with borrowers and other customers” in areas affected by the virus, the regulators said, prudent efforts 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,” the joint statement asserted. “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 statement also noted that regulators would also work with affected financial institutions in scheduling examinations or inspections to minimize disruption and burden.