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
A Different Kind of Money Laundry
Federal Banking Agencies Issue New Guidance on Immigration-Related Credit Risk
18 Year Old Fraud Auto Loan “Credit Mule” Busted on Video
Lenders Continue Paying Millions to Settle TCPA Lawsuits as Decades-Old Telephone Law Collides with Modern Collections
Happy Birthday CUCollector! Seventeen Years… Where Did the Time Go?
One Face. Sixteen Identities. $476,000 in Fraudulent Auto Loans