The federal financial institution regulatory agencies have issued a revised interagency statement to provide additional information regarding loan modifications.
The revised statement clarifies the interaction between the interagency statement issued March 22, and the temporary relief provided by Section 4013 of the Coronavirus Aid, Relief, and Economic Security Act, which was signed into law March 27.
Section 4013 allows financial institutions to suspend the requirements to classify certain loan modifications as troubled debt restructurings.
TO READ THE FULL STORY
Cover Story: