The COVID Project
Context, not an orderThis record is guidance or an announcement kept for context. It is not counted among the orders in force.
The record
- Jurisdiction
- United States; Federal Reserve Board, FDIC, NCUA, OCC, CFPB and State banking regulators (federal interagency)
- Level
- Federal
- Authority
- supervisory authority over insured institutions and credit unions
- Issued
- 2020-03-22 Mar. 22, 2020
- Effective
- 2020-03-22
- End
- Revised April 7, 2020 (Ex. 015) (read as 2020-04-07)
- In force
- Mar. 22, 2020 to Apr. 7, 2020
- Quarters
- 2020 Q2
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Other
- Addressees
- Functions reached
- SV servicing, forbearance and collections (compelled accommodation regime)
- CL
- ML
- BL
- CB borrowers under stay-home orders
- Character
- context
- Collection
- Federal financial regulators AGY-FED-FINANCIAL
Operative words
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
Notes
The instrument that reorganized every lender's servicing function around payment deferrals for borrowers affected by the closure orders