The COVID Project
The record
- Jurisdiction
- United States
- Level
- Federal
- Authority
- 12 U.S.C. 3301 et seq.; supervisory guidance
- Issued
- 2020-03-06 Mar. 6, 2020
- Effective
- 2020-03-06
- End
- n/a (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
- Workplace rulesOther
- Addressees
- all supervised financial institutions
- Functions reached
- BR (redirecting customers from branch to electronic services)
- OP (telecommuting)
- WF
- HR
- Collection
- Financial Services SEC-13
Operative words
the institution's business continuity plan(s) (BCP) should address pandemics and provide for a preventive program, a documented strategy scaled to the stages of a pandemic outbreak, a comprehensive framework to ensure the continuance of critical operations, a testing program, and an oversight program... Such procedures could include social distancing to minimize staff contact, telecommuting, redirecting customers from branch to electronic banking services
Enforcement
Supervisory (examination); guidance
Notes
Guidance, not an order; it is the regulators' contemporaneous instruction that branches be de-emphasized and staff dispersed.