Four federal agencies, including NCUA, in conjunction with the state bank and credit union regulators have issued examiner guidance to promote consistency and flexibility in the supervision and examination of financial institutions affected by the COVID-19 pandemic.
No action on the part of supervised institutions is required.
“Stresses caused by the spread of COVID-19 have led to significant economic strain and adversely affected global financial markets,” a statement from the agencies reads. “The interagency guidance instructs examiners to consider the unique, evolving, and potentially long-term nature of the issues confronting institutions due to the COVID-19 pandemic and to exercise appropriate flexibility in their supervisory response.”
Analysis of the guidance can be found on CUNA’s CompBlog.