Interim Final Rule for Community Banks Affected by Pandemic Policies Goes Into Effect

A joint Federal Reserve Board, OCC and FDIC interim final rule went into effect relieving community banks impacted by COVID-19 policy responses from the regulatory requirements applicable to institutions with over $10 billion in assets.

As outlined in the Federal Register, the effective date for the interim final rule is December 2, 2020, and comments may be submitted through February 1, 2021.

See previous coverage on the adoption for more information and background on the relief provided by the interim final rule.