News : Coronavirus (COVID-19) Related News

Agency Guidance on Loan Modifications

Thursday, March 26, 2020  
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The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB), and the State Banking Regulators (aka “the agencies”), have issued this interagency statement to provide additional information to financial institutions who are working with borrowers affected by COVID-19.

Although this guidance was issued by regulators, including NCUA, in advance of the Senate coronavirus “Phase 3” bill; DCUC is hearing from official sources this is “going to be the best roadmap” for managing these modifications. DCUC believes this may help credit unions as they begin to craft their lending strategies going forward. 

DCUC will keep you further informed as we participate in ongoing discussions.

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