The Federal Financial Institutions Examination Council is monitoring the COVID-19 pandemic in an effort to promote financial institutions’ ability to support households and businesses nationwide, according to a March 25 NCUA press release.
The council, which includes members from the Federal Reserve, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, NCUA, Office of the Comptroller of the Currency and State Liaison Committee, are discussing and identifying measures to help maintain “safety and soundness,” while at the same time protecting consumers, according to the NCUA. Members say that banks and credit unions of all sizes “have built up substantial levels of capital and liquidity over the last decade, positioning them well to support the needs of households and businesses.”
Members of the council “underscore that the financial services sector provides critical services during the pandemic by ensuring the continued availability of financial resources to consumers and businesses,” the press release stated. “The members will provide guidance to financial institutions and work with state and local officials on how to identify workers as essential critical infrastructure workers to ensure the security and resilience of the nation’s critical infrastructure.”
Additionally, member agencies are aware that financial institutions may need additional time to submit certain regulatory reports due to staffing priorities and disruptions caused by COVID-19, according to the release and that “federal banking agencies will not take action against any institution for submitting its March 31, 2020, Reports of Condition and Income (Call Reports) after the respective filing deadline, as long as the report is submitted within 30 days of the official filing date,” according to the press release.
Financial institutions should contact their primary federal regulator in advance of the official filing date if they anticipate a delayed submission.
The NCUA press released can be accessed on the NCUA website.