Financial institutions will not face any action for filing a call report after the due date of March 31, as long as the institution files the report within 30 days of the due date, the umbrella group for federal financial institution regulatory agencies said Wednesday.
In a release, the Federal Financial Institutions Examination Council (FFIEC) said institutions are encouraged to contact their primary federal regulator in advance of the official filing date if they anticipate a delayed submission.
“The agencies understand that financial institutions may need additional time to submit certain regulatory reports in light of staffing priorities and disruptions caused by the Coronavirus Disease 2019 (COVID-19),” the council said.
The council, in its release, also pointed out that “banks and credit unions of all sizes have built up substantial levels of capital and liquidity over the last decade, positioning them well to support the needs of households and businesses.”
Members of the FFIEC include the Federal Reserve), the Federal Deposit Insurance Corp. (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB).