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Federal Reserve Suspends Exams for Banks Under $100 Billion

Terri Luttrell, CAMS-Audit, CFCS
March 26, 2020
Read Time: 0 min

The Federal Reserve (Fed) announced on March 24 that they will temporarily suspend examinations for banks with less than $100 billion in assets so all can concentrate on the coronavirus pandemic, to “help financial institutions of all sizes understand the challenges and risks of the current environment.”

Banks over $100 billion will have some exam activity deferred

For banks with more than $100 billion, the Fed will defer some examination activity and concentrate exams for those banks with a financial stability or consumer protection issue.  All examination activity will be done virtually until normal operations have resumed.

The time for existing remediation responses is extended

For existing regulatory orders, the Fed is extending the time for remediation responses by 90 days unless otherwise noted (i.e. heightened risk or to help consumers).  Other federal regulatory agencies may follow the Fed’s lead to lessen the exam burden for financial institutions.

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Read more at American Banker.

About the Author

Terri Luttrell, CAMS-Audit, CFCS

Compliance and Engagement Director
Terri Luttrell is a seasoned AML professional and former director and AML/OFAC officer with over 20 years in the banking industry, working both in medium and large community and commercial banks ranging from $2 billion to $330 billion in asset size.

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About Abrigo

Abrigo enables U.S. financial institutions to support their communities through technology that fights financial crime, grows loans and deposits, and optimizes risk. Abrigo's platform centralizes the institution's data, creates a digital user experience, ensures compliance, and delivers efficiency for scale and profitable growth.

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