OCC

Federal Agencies Encourage Banks, Savings Associations and Credit Unions to Offer Responsible Small-Dollar Loans to Consumers and Small Businesses Affected by COVID-19

Five federal financial regulatory agencies today issued a joint statement encouraging banks, savings associations, and credit unions to offer responsible small-dollar loans to consumers and small businesses in response to COVID-19. The statement of the Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration,…

OCC: Bulletin Outlines Essential Critical Infrastructure Workers in the Financial Services Sector

Summary: OCC Bulletin 2020-23 The Office of the Comptroller of the Currency (OCC) recognizes the potential for the coronavirus (also referred to as COVID-19) to adversely affect bank1 operations, including the movement of workers responsible for the operations and maintenance of critical infrastructure. On March 19, 2020, the Cybersecurity and Infrastructure Security Agency (CISA) issued a memorandum…

Agencies Provide Additional Information to Encourage Financial Institutions to Work with Borrowers Affected by COVID-19

The federal financial institution regulatory agencies and the state banking regulators issued an interagency statement encouraging financial institutions to work constructively with borrowers affected by COVID-19 and providing additional information regarding loan modifications. The agencies encourage financial institutions to work with borrowers, will not criticize institutions for doing so in a safe and sound manner,…

Pandemic Planning: Joint Questions and Answers Regarding State About the Use of Capital and Liquidity Buffers

Summary The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System (Federal Reserve) and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies), recognize the potential for Coronavirus Disease (also referred to as COVID-19) to adversely affect the customers and operations of financial institutions. On…

Federal Bank Regulatory Agencies Issue Interim Final Rule for Money Market Liquidity Facility

To support the flow of credit to households and businesses, the federal bank regulatory agencies today announced an interim final rule to ensure that financial institutions will be able to effectively use a liquidity facility recently launched by the Federal Reserve Board. The Board launched the Money Market Mutual Fund Liquidity Facility, or MMLF, yesterday…

OCC: Report Shows Slight Improvement in Mortgage Performance in Fourth Quarter 2019

The Office of the Comptroller of the Currency (OCC) reported a slight improvement in the performance of first-lien mortgages in the federal banking system during the fourth quarter of 2019. The OCC Mortgage Metrics Report, Fourth Quarter 2019 showed 96.5 percent of mortgages included in the report were current and performing at the end of the quarter,…

Federal Banking Agencies Provide Banks Additional Flexibility to Support Households and Businesses

The federal bank regulatory agencies today announced two actions to support the U.S. economy and allow banks to continue lending to households and businesses. They are: A statement encouraging banks to use their resources to support households and businesses; and A technical change to phase in, as intended, the automatic distribution restrictions gradually if a…

Federal Banking Agencies Encourage Banks to Use Federal Reserve Discount Window

The federal bank regulatory agencies today released a statement encouraging banks to use the Federal Reserve’s “discount window” so that they can continue supporting households and businesses. The discount window provides short-term loans to banks and plays an important role in supporting the liquidity and stability of the banking system. By providing ready access to…

Agencies Encourage Financial Institutions to Meet Financial Needs of Customers and Members Affected by Coronavirus

Federal financial institution regulators and state regulators today encouraged financial institutions to meet the financial needs of customers and members affected by the coronavirus. The agencies recognize the potential impact of the coronavirus on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision….