On March 22, 2020, an Interagency statement, which includes every national financial services regulating body, was issued providing guidance for lending institutions in granting and reporting of loan modifications on loans who’s borrowers are experiencing financial difficulty as the result of the COVID-19 Pandemic. In this memo, the agencies confirm that they have received guidance from the Financial Accounting Standards Board (FASB) that loan modifications up to six months in duration may be granted with no necessary troubled debt restructuring (TDR) or non-accrual status reporting.
More Stories
Auto Lending Accelerates as Borrower Credit Quality Slips
After the Repo: When Does a Credit Union Finally Admit the Loss?
Auto Lending Is Moving Down the Credit Risk Ladder – Collections and Repo May Follow
Holmes Motors to Pay $137,000 Over Alleged Violations of Servicemembers’ Vehicle Lease Rights
Credit Unions Can Now Share More Fraud Intelligence Than Ever Before
Feds Charge 83-Year-Old Woman in Alleged $10 Million Auto Lending Ponzi Scheme