In March, an interagency statement was issued related to section 401 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) related to relief from troubled debt restructures (TDRs) and agency views on certain consumer protection rules. Earlier this week the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB) issued a revised statement providing additional information for institutions working with consumers impacted by the Coronavirus.
The revised statement is intended to clarify the interaction between the March interagency statement and section 4013 of the CARES Act which relates to TDRs.