The COVID Project
The record
- Jurisdiction
- United States; Federal Financial Institutions Examination Council on behalf of the Federal Reserve Board, FDIC, OCC, NCUA, CFPB and State Liaison Committee (federal interagency)
- Level
- Federal
- Authority
- 12 U.S.C. § 3305 (uniform principles and standards); 12 U.S.C. § 1831p-1
- Issued
- 2020-03-06 Mar. 6, 2020
- Effective
- 2020-03-06
- End
- Not rescinded within the period; guidance remained in force through 2021Q3 (read as 2021-09-30)
- In force
- Mar. 6, 2020 to Sept. 30, 2021
- Quarters
- 2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Telework mandateWorkplace rulesOther
- Addressees
- all federally supervised banks, savings associations, credit unions and their service providers
- Functions reached
- BR branches and lobbies (facility closure planning)
- OP office and telework (remote operation of critical functions)
- WF workforce (absenteeism planning)
- CC contact center
- HR
- Collection
- Federal financial regulators AGY-FED-FINANCIAL
Operative words
The Federal Financial Institutions Examination Council (FFIEC) on behalf of its member agencies is issuing guidance to remind financial institutions that business continuity plans should address the threat of a pandemic outbreak and its potential impact on the delivery of critical financial services.
Enforcement
Supervisory guidance enforced through the examination process and 12 U.S.C. § 1818 safety-and-soundness authority; no independent penalty
Notes
Directs institutions to plan for facility closures, remote access, staff absenteeism and reliance on third-party service providers; the template every supervisor invoked when lobbies closed from March 13, 2020
Retrieval noteRead from the SR 20-3 attachment PDF; guidance, not an order; pleaded as the supervisory condition on operations.