The Federal Reserve Board, FDIC and OCC issued two interim final rules to modify the community bank leverage ratio in order to provide temporary relief under the Coronavirus Aid, Relief and Economic Security Act.
The CFPB, Federal Reserve Board, FDIC, National Credit Union Administration and OCC clarified their compliance expectations for mortgage servicers on consumer communication requirements during the pandemic.
FDIC Chair Jelena McWilliams urged the Financial Accounting Standards Board to delay the implementation of an accounting standards update in order to allow banks to focus on addressing the impact of COVID-19.
The Federal Reserve Board, FDIC and OCC found that the share and amount of loan commitments (a/k/a "special mention and classified commitments") with the lowest supervisory ratings experienced a slight increase within the last year.
In a final rule designed to simplify capital requirements for qualifying community banks, the FDIC made corrections intended to harmonize the language with the regulations of the OCC and the Federal Reserve Board.