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.”
Federal Reserve Suspends Exams for Banks Under $100 Billion
March 26, 2020
0 min read
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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About the Author
Terri Luttrell, CAMS-Audit, CFCS
Compliance and Engagement Director
Abrigo
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.
