On March 25, 2020 the Federal Financial Institutions Examination Council (FFIEC) released a statement that the regulatory agencies are continuing to monitor and respond to the COVID-19 pandemic to promote the ongoing ability of the nation’s financial institutions to support the households and businesses that depend on them.
The FFIEC stated that their members, who met as a group on March 24, are actively discussing and identifying appropriate measures, both collaboratively and individually, to maintain safety and soundness while protecting consumers. In addition, the FFIEC noted that banks and credit unions of all sizes have built up substantial levels of capital and liquidity over the last decade, positioning them well to support the needs of households and businesses.
In the statement, the FFIEC underscored that the financial services sector provides critical services during the pandemic by ensuring the continued availability of financial resources to consumers and businesses. The FFIEC also stated that its member regulators will provide guidance to financial institutions and work with state and local officials on how to identify workers as essential critical infrastructure workers to ensure the security and resilience of the Nation’s critical infrastructure.
The FFIEC also stated that the regulatory agencies understand that financial institutions may need additional time to submit certain regulatory reports in light of staffing priorities and disruptions caused by the Coronavirus Disease 2019 (COVID-19). The federal banking agencies stated that they will not take action against any institution for submitting its March 31, 2020, Reports of Condition and Income (Call Reports) after the respective filing deadline, as long as the report is submitted within 30 days of the official filing date. Institutions are encouraged to contact their primary federal regulator in advance of the official filing date if they anticipate a delayed submission.
The full FFIEC statement can be found here.