Removing Barriers Blog

FFIEC Announces Coordinated COVID-19 Measures
Posted March 26, 2020 by CUNA Advocacy

The Federal Financial Institutions Examination Council (FFIEC), which includes NCUA and CFPB, are monitoring and responding to the COVID-19 pandemic to promote the ongoing ability of the nation’s financial institutions to support consumers.  

FFIEC members, who met on Tuesday, are actively discussing and identifying appropriate measures to maintain safety and soundness while protecting consumers. In a subsequent announcement, the FFEIC stated guidance will be provided to financial institutions on how to identify workers as essential critical infrastructure workers to ensure the security and resilience of the Nation’s critical infrastructure.

In addition, the agencies will provide additional time to submit certain regulatory reports in light of staffing priorities and disruptions caused by the Coronavirus Disease 2019 (COVID-19). The federal financial regulatory agencies will not take action against any institution for submitting its March 31, 2020, Reports of Condition and Income (Call Reports) after the respective filing deadline, as long as the report is submitted within 30 days of the official filing date. Institutions are encouraged to contact their primary federal regulator in advance of the official filing date if they anticipate a delayed submission.

NCUA has published an FAQ on their website on issues related to COVID-19. The page can be accessed here