{"id":"AGY-FED-FINANCIAL-015","kind":"context","level":"federal","jurisdiction":"United States; Federal Reserve Board, FDIC, NCUA, OCC, CFPB and State regulators (federal interagency)","state":"","metro":"","industry":"","agency":"FED-FINANCIAL","eco":"","issuer":"Board of Governors, FDIC, NCUA, OCC, CFPB and CSBS (OCC Bulletin 2020-35; FDIC FIL-36-2020; NCUA 20-CU-13)","authority":"CARES Act § 4013; supervisory authority","instrument":"Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised)","title":"Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised)","dateIssued":"2020-04-07","effective":"2020-04-07","end":"CARES Act § 4013 relief period ran to the earlier of Jan. 1, 2022 or 60 days after the end of the national emergency (as extended by Pub. L. 116-260)","startDate":"2020-04-07","endDate":"2022-01-01","quarters":["2020Q2","2020Q3","2020Q4","2021Q1","2021Q2","2021Q3"],"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.... Modifications of loan terms do not automatically result in TDRs.","enforcement":"Supervisory; CARES Act § 4013 election","functions":["SV servicing and modifications","CL","ML","BL","CB"],"notes":"Revised to incorporate CARES Act § 4013\u0027s TDR suspension; the operating rule for lenders\u0027 workout functions through 2021","sourceUrl":"https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20200407a1.pdf","snapshot":"","fileExists":true,"fileBytes":214268,"grade":"primary","character":"context","description":"","collection":"AGY-FED-FINANCIAL","url":"/library/AGY-FED-FINANCIAL-015","exhibitUrl":"/exhibit/AGY-FED-FINANCIAL-015","citation":"Board of Governors, FDIC, NCUA, OCC, CFPB and CSBS (OCC Bulletin 2020-35; FDIC FIL-36-2020; NCUA 20-CU-13), Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised) (Apr. 7, 2020) (Ex. AGY-FED-FINANCIAL-015)","stateName":"","related":[]}