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 regulators (federal interagency)
- Level
- Federal
- Authority
- CARES Act § 4013; supervisory authority
- Issued
- 2020-04-07 Apr. 7, 2020
- 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) (read as 2022-01-01)
- In force
- Apr. 7, 2020 to Jan. 1, 2022
- Quarters
- 2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Other
- Addressees
- Functions reached
- SV servicing and modifications
- CL
- ML
- BL
- CB
- 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.... Modifications of loan terms do not automatically result in TDRs.
Enforcement
Supervisory; CARES Act § 4013 election
Notes
Revised to incorporate CARES Act § 4013's TDR suspension; the operating rule for lenders' workout functions through 2021