Fed resumes examination activities for all financial institutions

This story appeared in Bank Digest.

The Federal Reserve Board has announced that it will resume examination activities for all financial institutions, including those with total consolidated assets of less than $100 billion. Having previously reduced its exam activity temporarily in light of COVID-19, the Fed now is of the opinion that banks have had time to implement contingency operating plans and adapt their operations, so exam activity will resume.

At the same time, the Fed anticipates that examination activities, including full-scope examinations, will be conducted offsite until conditions improve to facilitate on-site examinations. Further, the Fed intends to continue working with banks to understand any specific issues they may be facing.