Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic
The Bureau reiterates its prior guidance encouraging financial institutions to work constructively with borrowers and other customers affected by COVID-19 to meet their financial needs. The Bureau also acknowledges the impact of COVID-19 on the operations of many financial institutions.
The Bureau will work with affected financial institutions in scheduling examinations and other supervisory activities to minimize disruption and burden. Bureau supervision staff will keep in close contact with affected institutions to determine when supervisory events can be appropriately scheduled. Similarly, Bureau enforcement activities will take into account current staffing and related resource challenges confronting financial institutions and their counsel.
The Bureau encourages prudent efforts undertaken in good faith that are designed to meet the exigent needs of financial institutions’ borrowers and other customers. To that end, when conducting examinations and other supervisory activities and in determining whether to take enforcement action, the Bureau will consider the circumstances that entities may face as a result of the COVID-19 pandemic and will be sensitive to good-faith efforts demonstrably designed to assist consumers.