In a revised interagency statement, banking regulators clarified certain accounting and reporting factors under the Coronavirus Aid, Relief, and Economic Security Act.
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The FDIC provided financial institutions with a 30-day "grace period" for filing Consolidated Reports of Condition and Income.
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.
U.S. Representatives Carolyn B. Maloney (D-NY) and Patrick McHenry (R-NC) introduced a bill that would require all eight U.S. financial regulators to enact a set of data collection and dispersion standards for reported information.
The Federal Reserve Board, FDIC and Office of the Comptroller of the Currency rule release, adopting rules to reduce reporting requirements for eligible small depository institutions, was published in the Federal Register.