Policymakers Urge Banks to Work with Borrowers Affected by Coronavirus

Recognizing the potential effects of the 2019 coronavirus disease on bank customers, financial regulators today issued a statement calling on banks to work constructively with borrowers and others affected by the virus in their communities. The agencies emphasized that “prudent efforts that are consistent with safe and sound lending practices should not be subject to examiner criticism.”

The agencies also said that to help mitigate staffing challenges banks may experience as a result of the virus, “regulators will expedite, as appropriate, any request to provide more convenient availability of services in affected communities,” and “work with affected financial institutions in scheduling examinations or inspections to minimize disruption or burden.”

Meanwhile, lawmakers also sent letters to the American Bankers Association and other financial trade groups seeking information about the banking industry’s response to the virus.