Regulators urge banks to work with customers during coronavirus crisis

KEY POINTS

• The Fed, the FDIC and the Office of the Comptroller of the Currency said they “will not criticize institutions for working with borrowers.”

• They added they will not direct supervised institutions to categorize loan modifications as “troubled debt restructurings.”

U.S. bank regulators urged banks to work with their customers affected by the coronavirus. The Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency said in a joint release Sunday evening they “will not criticize institutions for working with borrowers.” They added they will not direct supervised institutions to categorize loan modifications as “troubled debt restructurings.” “The agencies consider such proactive actions to be in the best interest of institutions, their borrowers, and the economy,” the release said. It was also signed by National Credit Union Administration and the Consumer Financial Protection Bureau.

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