To: Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties
This bulletin rescinds OCC Bulletin 2020-21, "Troubled Debt Restructurings: Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working With Customers Affected by COVID-19," issued on
This statement applies to community banks./1
The revised interagency statement addresses the following:
* Banks may elect to account and report for loans modified under section 4013 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was signed into law on
* When working with borrowers, banks should adhere to consumer protection requirements, including fair lending laws, to provide the opportunity for all borrowers and communities to benefit from these arrangements.
The CARES Act creates a forbearance program for federally backed mortgage loans; protects borrowers from negative credit reporting due to loan accommodations related to the COVID-19 national emergency declared by the President on
The agencies originally issued a statement on
The OCC will continue to communicate with the industry as this situation unfolds, including through additional statements, webinars, frequently asked questions, or other means, as appropriate.
Senior Deputy Comptroller for Bank Supervision Policy
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1. The term "banks" refers collectively to national banks, federal savings associations, and federal branches and agencies of foreign banking organizations.