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
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.