Fed provides additional information on supervisory activities during coronavirus pandemic

This story appeared in Bank Digest.

The Federal Reserve Board has provided additional information to financial institutions on how its supervisory approach is adjusting in light of the coronavirus. Among other items, the Fed said that to minimize disruption and to focus on outreach and monitoring, it will temporarily reduce its examination activities, with the greatest reduction in activities occurring at the smallest banks.

In addition, the Fed said that large banks should still submit their capital plans developed as part of the Comprehensive Capital Analysis and Review (CCAR) by April 6, 2020, and that additional time will be granted for resolving non-critical existing supervisory findings.