FFIEC and Financial Institution Regulators Issue Guidance Regarding the COVID-19 PANDEMIC

Several federal agencies have released strategies aimed at adequately responding to the effects of COVID-19. 

The Federal Financial Institutions Examination Council, which includes the Board of Governors of the Federal Reserve System, FDIC, National Credit Union Administration, OCC, CFPB, and the State Liaison Committee, released an interagency statement encouraging the business community to incorporate the threat of pandemic into their risk management analysis and to create frameworks to ensure that their critical work processes can continue uninterrupted. 

The Federal Reserve Board, FDIC, CFPB, National Credit Union Administration, OCC, and Conference of State Bank Supervisors also issued a joint statement encouraging financial institutions to work with customers affected by COVID-19 and stated that regulators will support institutions who may be in need of additional assistance.