On May 15 NAR as part of a broad industry coalition sent a letter to the Federal Reserve Board, the OCC, and the FDIC. The letter requests confirmation that the guidance in the April 7 revised interagency coronavirus loan modification statement allows financial institutions to work prudently with all creditworthy borrowers and to exercise discretion in modifying terms of lending arrangements with those borrowers consistent with safe and sound banking practices.
May 15 - Broad Industry Coalition Comment Letter to Federal Reserve Board, OCC, and FDIC Regarding Revised Interagency Coronavirus Loan Modification Statement
Issue Date: May 15, 2020
On May 15 NAR as part of a broad industry coalition sent a letter to the Federal Reserve Board, the OCC, and the FDIC. The letter requests confirmation that the guidance in the April 7 revised interagency coronavirus loan modification statement allows financial institutions to work prudently with all creditworthy borrowers and to exercise discretion in modifying terms of lending arrangements with those borrowers consistent with safe and sound banking practices.
Download Letter