The Federal Reserve today announced that it will resume its normal bank examination activities. The agency in March issued a statement noting that it would reduce focus on examinations to allow banks to focus on responding to the immediate challenges of the COVID-19 pandemic. Examination activities—including full scope examinations—are likely to be conducted offsite until conditions improve, the Fed said.
“The Federal Reserve recognizes that the current situation is significantly affecting institutions and communities in different ways, through no fault of their own, and will work with financial institutions to understand the specific issues they are facing,” the agency said. “Financial institutions supervised by the Federal Reserve should work directly with their Reserve Bank and state banking agencies, as applicable, if they have questions on planned supervisory activities.”