The nation's top banking regulator is encouraging institutions with assets under $1 billion to use discretion in dealing with customers and communities affected by efforts to contain the spread of COVID-19.
The Federal Deposit Insurance Corporation, or FDIC, issued a Financial Institution Letter on March 13 that encourages banks and financial institutions it supervises to assist customers and communities affected by coronavirus.
"The FDIC recognizes that efforts to work with customers and communities affected by COVID-19 can be consistent with safe and sound banking practices and in the public interest," it said.
The letter applies to all FDIC-supervised institutions, including community banks. Highlights include:
The FDIC launched a COVID-19 webpage to provide information to bankers, consumers and others.
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