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.
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