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Financial Institution Letter

FDIC Updates Steps to Protect Banks and Consumers and to Continue Operations

March 27, 2020  |  FIL-29-2020

Summary:

The FDIC is updating steps announced on March 16, 2020 to protect banks and consumers and to continue operations.

Statement of Applicability to Institutions with Total Assets under $1 billion: This Financial Institution Letter applies to all FDIC-insured state nonmember banks and savings associations, including community institutions.

Highlights:

  • All FDIC employees in all FDIC facilities are now engaged in mandatory telework through at least April 12.
  • Supervisory and other FDIC activities at financial institutions will be conducted off-site for an additional two weeks through April 12, and staff has individually contacted institutions with ongoing or upcoming examination activities about their communication preferences during this period.
  • The FDIC will evaluate the necessity of continuing off-site work as we approach April 12.
  • The FDIC recognizes that institutions may have operational or staffing challenges associated with the pandemic that limit the ability of management to respond to normal supervisory requests. Institutions faced with these challenges should contact their Examiner-in-Charge or Regional Director to coordinate the timing of any response so it does not inhibit critical operations at the institution at this difficult time.
  • Despite the challenges presented by the coronavirus, the FDIC remains prepared to carry out its mission to insure deposits, promote financial stability, protect consumers, and ensure the safe and sound operation of FDIC-supervised institutions.

Suggested Distribution:

FDIC-Supervised Institutions

Suggested Routing:

Chief Executive Officer
Chief Financial Officer
Chief Lending Officer

Related Topics:

FIL-17-2020 Regulatory Relief – Working with Customers Affected by the Coronavirus
March 16, 2020 FDIC Press Release: FDIC Announces Steps to Protect Banks and Consumers and to Continue Operations

Attachments:

Paper copies of FDIC FILs may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).