Agencies Encourage Financial Institutions to Provide Relief During COVID-19

On March 22, the National Credit Union Administration released an interagency statement on behalf of federal financial institution regulatory agencies and state banking regulators encouraging financial institutions “to work prudently with borrowers who are or maybe unable to meet their contractual payment obligations because of the effects of COVID-19. The agencies view loan modification programs as positive actions that can mitigate adverse affects on borrowers due to COVID-19.”

The agencies named in the statement were the Federal Reserve Board, CFPB, CSBS, FDIC, NCUA and OCC.

The statement details encouragement regarding loan modifications, past due reporting, nonaccrual status and charge-offs and discount window eligibility.

Access the interagency statement here.

To see how Michigan credit unions are providing for members during COVID-19, check out our COVID-19 Support page.