On March 19, 2020, the FDIC issued FIL-18-2020 to provide guidance to financial institutions and consumers affected by COVID-19.
Highlights from this FIL include:
The FDIC understands that this unique and evolving situation could pose significant temporary financial disruptions.
The FDIC is providing FAQs to financial institutions and consumers affected by COVID-19 that address some of the questions received to-date, and will continue to update these FAQs, as needed.
Financial institutions that have questions about the potential impact of COVID-19 are encouraged to contact their FDIC Regional Office.
Financial institutions can advise customers to contact the FDIC toll free at 1-877-ASK-FDIC or 1-877-275-3342 with questions about deposit insurance or accessing bank accounts.
The FDIC encourages financial institutions to work with customers affected by COVID-19 in a prudent manner, especially borrowers from industry sectors particularly vulnerable to the volatility in the current economic environment and small businesses and independent contractors that are reliant on affected industries.
A financial institution's prudent efforts to modify the terms on existing loans for affected customers will not be subject to examiner criticism.
The FAQs and additional information regarding COVID-19 are available on the FDIC's COVID-19 webpage.
Frequently Asked Questions for Financial Institutions can be found here.