The banking agencies postponed a joint webinar initially set for 2 p.m. ET Friday dealing with troubled debt restructuring (TDR) in the context of working constructively with borrowers affected by the coronavirus crisis.
The agencies announced the postponement late Thursday. They said they plan to reschedule the webinar; no date was announced.
According to the agencies, the postponement was spurred by “recent legislative developments that could impact the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus announced earlier in the week.
The webinar was intended to clarify the March 22 interagency statement issued by the federal financial institution regulators (and state regulators, as represented by their professional association) that said they will not direct supervised financial institutions and firms to automatically categorize loan modifications as TDRs.
The focus of the March 22 statement was to urge financials to work constructively with borrowers affected by the coronavirus disease. The statement also provided information regarding loan modifications, including when those would not result in accounting for TDR designation, according to a Wednesday statement issued by the National Credit Union Administration (NCUA). (The FDIC has also issued a financial institution letter [FIL] about the event.)
The webinar was sponsored by NCUA, the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corp. (FDIC) Federal Reserve, the Office of the Comptroller of the Currency (OCC) and the Conference of State Bank Supervisors (CSBS).