Removing Barriers Blog

COVID-19: Interagency Statement on Working with Affected Borrowers
Posted March 23, 2020 by CUNA Advocacy

The state and federal financial regulators, including NCUA and CFPB, issued an interagency statement encouraging financial institutions to work with borrowers affected by COVID-19 and providing additional information regarding loan modifications. The statement asserts that the regulators will not criticize institutions for working with borrowers in a safe and sound manner and will not direct supervised institutions to automatically categorize loan modifications as troubled debt restructurings (TDRs).  The joint statement also outlines supervisory views on past-due and nonaccrual regulatory reporting of loan modification programs.