Since the declaration of COVID-19 as a major disaster, the federal regulatory agencies have issued multiple frequently asked questions (FAQs) across various issuances. The FDIC has compiled these FAQs, in addition to specific guidance for FDIC- regulated institutions, into one document as of May 4, 2020. The FAQs were initially released on March 19, to address operational issues facing financial institutions and urging institutions to work with borrowers who are experiencing payment difficulties due to COVID-19. The current updated list addresses:

  • Working with borrowers, including payment accommodations, reporting to credit bureaus, and TDRs
  • Operation issues, including appraisal/evaluation requirements, annual reports, LTVs on COVID-19-related refinancings, flood determinations and insurance
  • CRA-eligible activities related to COVID-19
  • BSA issues including reporting requirements, beneficial ownership
  • A list of available regulatory resources

 

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