FFEIC

Financial Institution Regulators Address Financial Inclusion, Expansion of Access to Credit, and Further Consumer Protection from Discrimination

By Lori J. Sommerfield on August 20, 2020

Posted in Fair Credit, Fair Lending, Federal Agencies, Regulatory and Enforcement

Since early June 2020 when cries for racial justice resulted in a period of social unrest in the U.S., federal and state financial institution regulators have taken meaningful, proactive steps to acknowledge financial inequality issues, reach out to traditionally underserved populations to expand access to credit, and further protect consumers from discrimination.… Continue Reading

FFIEC Issues Joint Statement on Additional Loan Accommodations Related to COVID-19

By Lori J. Sommerfield on August 7, 2020

Posted in COVID-19, Fair Lending, Regulatory and Enforcement

On August 3, 2020, the Federal Financial Institutions Examination Council (“FFIEC”) issued a joint statement to provide prudent risk management and consumer protection principles for financial institutions to consider when working with borrowers as consumer and business loans near the end of initial loan accommodation periods during the coronavirus pandemic. The guidance notes that the principles outlined in the joint statement apply to both commercial and retail loan accommodations and are consistent with the Interagency Guidelines Establishing Standards for Safety and Soundness.… Continue Reading