Two-week extension added for off-site exam, supervision activities (to April 12)

Two weeks have been added for conducting off-site supervisory and other activities by the federal bank deposit insurer, to April 12, the agency announced Friday, as it continues to deal with the impact on the coronavirus crisis on supervised institutions.

The Federal Deposit Insurance Corp. (FDIC) also said that all of its employees in all of its facilities are now engaged in mandatory telework through at least April 12. Staff, the agency said, has individually contacted institutions now undergoing (or expecting) exams about their communication preferences during this period.

The agency said it will reevaluate continuing the off-site, remote, supervision actions “as we approach April 12.”

“The FDIC recognizes that institutions may have operational or staffing challenges associated with the pandemic that limit the ability of management to respond to normal supervisory requests,” the agency said in a financial institution letter (FIL-29-2020). “Institutions faced with these challenges should contact their Examiner-in-Charge or Regional Director to coordinate the timing of any response so it does not inhibit critical operations at the institution at this difficult time.”

The agency added that it remains “prepared to carry out its mission to insure deposits, promote financial stability, protect consumers, and ensure the safe and sound operation of FDIC-supervised institutions.”

FIL-29-2020: FDIC Updates Steps to Protect Banks and Consumers and to Continue Operations

Be the first to comment

Leave a Reply

Your email address will not be published.