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)

The record

Jurisdiction

United States (all federally supervised financial institutions)

Level

Federal

Authority

supervisory authority; CARES Act § 4013 (temporary relief from troubled debt restructuring accounting)

Issued

2020-04-07 Apr. 7, 2020

Effective

2020-04-07 (original Mar. 22, 2020) (read as 2020-04-07)

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) (read as 2022-01-01)

In force

Apr. 7, 2020 to Jan. 1, 2022

Quarters

2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3

2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3

Limitation types

Other

Addressees

• banks, savings associations, credit unions and their examiners

Functions reached

• SV servicing, modifications and collections
• BL business lending
• CL consumer and auto lending

Collection

Federal commerce, travel, workplace and finance layer FED-B

Operative words

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

Notes