{"id":"FED-342","kind":"order","level":"federal","jurisdiction":"United States (all federally supervised financial institutions)","state":"","metro":"","industry":"","agency":"","eco":"","issuer":"Federal Reserve Board, FDIC, NCUA, OCC, CFPB and the Conference of State Bank Supervisors","authority":"supervisory authority; CARES Act § 4013 (temporary relief from troubled debt restructuring accounting)","instrument":"Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised) (Apr. 7, 2020; original Mar. 22, 2020)","title":"Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised)","dateIssued":"2020-04-07","effective":"2020-04-07 (original Mar. 22, 2020)","end":"CARES Act § 4013 relief ran to the earlier of Jan. 1, 2022 or 60 days after the end of the national emergency (as extended by the Consolidated Appropriations Act, 2021)","startDate":"2020-04-07","endDate":"2022-01-01","quarters":["2020Q2","2020Q3","2020Q4","2021Q1","2021Q2","2021Q3"],"types":["OTHER"],"addressees":["banks, savings associations, credit unions and their examiners"],"clause":"The agencies originally issued a statement on March 22, 2020, to encourage financial institutions [to work prudently with borrowers who are or may be unable to meet their contractual payment obligations because of the effects of COVID-19]... [this] revised interagency statement clarifies the interaction between the March 22, 2020, interagency [statement and section 4013 of the CARES Act]... [regarding] accounting principles (GAAP) related to troubled debt restructurings (TDR) for a limited period...","enforcement":"supervisory expectation; CARES Act § 4013 accounting relief","functions":["SV servicing, modifications and collections","BL business lending","CL consumer and auto lending"],"notes":"The regulators\u0027 direction to every supervised lender to modify loans for COVID-19-affected borrowers; the framework under which lenders operated in all six quarters.","sourceUrl":"https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20200407a1.pdf","snapshot":"","fileExists":true,"fileBytes":214268,"grade":"primary","character":"","description":"","collection":"FED-B","url":"/library/FED-342","exhibitUrl":"/exhibit/FED-342","citation":"Federal Reserve Board, FDIC, NCUA, OCC, CFPB and the Conference of State Bank Supervisors, Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised) (Apr. 7, 2020; original Mar. 22, 2020) (Ex. FED-342)","stateName":"","related":[]}