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Since our March 2020 blog post, the Federal banking and credit union regulators have published revised guidance clarifying the relationship between the March 22, 2020 Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus and Section 4013 of the CARES Act. READ MORE
The Federal banking and credit union regulators and the Conference of State Bank Supervisors have published a statement discussing the appropriate accounting and reporting for COVID-19 related loan restructurings. It encourages banks to work with their customers to resolve pandemic-related issues, characterizing such workouts as “positive actions.” READ MORE
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