The COVID Project
Context, not an orderThis record is guidance or an announcement kept for context. It is not counted among the orders in force.
The record
- Jurisdiction
- United States; Federal Reserve Board, FDIC, NCUA, OCC and State regulators (federal interagency)
- Level
- Federal
- Authority
- examination authority cited
- Issued
- 2020-06-23 June 23, 2020
- Effective
- 2020-06-23
- End
- Not rescinded within the period (read as 2021-09-30)
- In force
- June 23, 2020 to Sept. 30, 2021
- Quarters
- 2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Other
- Addressees
- examiners and supervised institutions
- Functions reached
- Character
- context
- Collection
- Federal financial regulators AGY-FED-FINANCIAL
Operative words
Examiners will consider the unique, evolving, and potentially long-term nature of the issues confronting institutions and exercise appropriate flexibility in their supervisory response.... Examiners should assess the reasonableness of management's actions in response to the pandemic given the institution's business strategy and operational capacity in the distressed economic and business environment in which the institution operates.
Enforcement
Examination ratings and supervisory response
Notes
The agencies' own characterization of the 'distressed economic and business environment' of mid-2020 and its 'potentially long-term nature'
Retrieval noteCite it as context and cite the underlying order, statute or emergency rule it describes as the instrument. (Bulletins whose operative text imposes a mandatory duty on licensees under the regulator's own authority are excluded from this downgrade and listed separately for review.)).