{"id":"AGY-FED-FINANCIAL-009","kind":"context","level":"federal","jurisdiction":"United States; Federal Reserve Board, FDIC, NCUA, OCC, CFPB and State banking regulators (federal interagency)","state":"","metro":"","industry":"","agency":"FED-FINANCIAL","eco":"","issuer":"Board of Governors, FDIC, NCUA, OCC, CFPB and CSBS","authority":"supervisory authority over insured institutions and credit unions","instrument":"Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus","title":"Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus","dateIssued":"2020-03-22","effective":"2020-03-22","end":"Revised April 7, 2020 (Ex. 015)","startDate":"2020-03-22","endDate":"2020-04-07","quarters":["2020Q2"],"types":["OTHER"],"addressees":["financial institutions"],"clause":"The agencies encourage financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations because of the effects of COVID-19.... The agencies will not criticize financial institutions that mitigate credit risk through prudent actions consistent with safe and sound practices.... short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, are not TDRs.","enforcement":"Supervisory; accounting and call-report treatment","functions":["SV servicing, forbearance and collections (compelled accommodation regime)","CL","ML","BL","CB borrowers under stay-home orders"],"notes":"The instrument that reorganized every lender\u0027s servicing function around payment deferrals for borrowers affected by the closure orders","sourceUrl":"https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20200322a1.pdf","snapshot":"","fileExists":true,"fileBytes":54238,"grade":"primary","character":"context","description":"","collection":"AGY-FED-FINANCIAL","url":"/library/AGY-FED-FINANCIAL-009","exhibitUrl":"/exhibit/AGY-FED-FINANCIAL-009","citation":"Board of Governors, FDIC, NCUA, OCC, CFPB and CSBS, Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Mar. 22, 2020) (Ex. AGY-FED-FINANCIAL-009)","stateName":"","related":[]}