Banking regulators are using every possible tool to help banks and their holding companies to cope with the impact of COVID-19. While regulators are looking to banks to help the U.S. economy during the pandemic, they also recognize that banks themselves are feeling the effects.
Recognizing that many financial institutions are short-staffed due to social distancing, the federal banking agencies have provided a grace period for various quarterly filings that would have been due on March 31, 2020. Through coordinated releases, the agencies announced they would not take action against any institution submitting their call report, FR Y 9C, or FR Y 11, as applicable, as long as the report is filed within 30 days of the official due date.
A statement from each agency is linked below.
- Federal Financial Institutions Examination Council https://www.ffiec.gov/press/pr032520.htmhttps://www.ffiec.gov/press/pr032520.htm
- Board of Governors of the Federal Reserve System https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200326b.htm
- Federal Deposit Insurance Corporation https://www.fdic.gov/news/news/financial/2020/fil20028.html
- Office of the Comptroller of the Currency https://www.occ.treas.gov/news-issuances/bulletins/2020/bulletin-2020-24.html