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; FFIEC members (Federal Reserve Board, FDIC, NCUA, OCC, CFPB, State Liaison Committee) (federal interagency)
- Level
- Federal
- Authority
- 12 U.S.C. § 3305
- Issued
- 2020-08-03 Aug. 3, 2020
- Effective
- 2020-08-03
- End
- Not rescinded within the period (read as 2021-09-30)
- In force
- Aug. 3, 2020 to Sept. 30, 2021
- Quarters
- 2020 Q32020 Q42021 Q12021 Q22021 Q3
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Other
- Addressees
- Functions reached
- SV servicing and second-round accommodations
- CL
- ML
- BL
- CB
- Character
- context
- Collection
- Federal financial regulators AGY-FED-FINANCIAL
Operative words
[This statement sets out] prudent risk management and consumer protection principles for financial institutions to consider while working with borrowers as loans near the end of the initial loan accommodation periods provided during the [COVID-19 event].... FFIEC members encourage financial institutions to consider prudent accommodation options that can ease cash flow pressures on affected borrowers.
Enforcement
Notes
Evidence that in August 2020 the regulators expected a second round of accommodations because the first-round periods were ending while the orders continued
Retrieval noteRendered from the Sept. 21, 2020 Wayback capture of FDIC FIL-74-2020, which carries the statement.