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.
A bank settled OCC charges for violating the statutory holding period for "other real estate owned" and failing to implement corrective measures.
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.