MNI: Text: Agencies Encourage Meeting Needs of Customers

     WASHINGTON (MNI) - The following is the text from a joint release from the

Board of Governors of the Federal Reserve System, Consumer Financial Protection

Bureau, Federal Deposit Insurance Corporation, National Credit Union

Administration, Office of the Comptroller of the Currency, and Conference of

State Bank Supervisors: 

     Agencies Encourage Financial Institutions to Meet Financial Needs of

Customers and Members Affected by Coronavirus 

     Federal financial institution regulators and state regulators today

encouraged financial institutions to meet the financial needs of customers and

members affected by the coronavirus. The agencies recognize the potential impact

of the coronavirus on the customers, members, and operations of many financial

institutions and will provide appropriate regulatory assistance to affected

institutions subject to their supervision. 

     Regulators note that financial institutions should work constructively with

borrowers and other customers in affected communities. Prudent efforts that are

consistent with safe and sound lending practices should not be subject to

examiner criticism. 

     The agencies understand that many financial institutions may face current

staffing and other challenges. In cases in which operational challenges persist,

regulators will expedite, as appropriate, any request to provide more convenient

availability of services in affected communities. The regulators also will work

with affected financial institutions in scheduling examinations or inspections

to minimize disruption and burden.

--MNI Washington Bureau; +1 202 371 2121; email: evan.ryser@marketnews.com

[TOPICS: M$U$$$,MGU$$$]