Federal Reserve Statement on Supervisory Activities
Summary
Federal Reserve Statement on Supervisory Activities, an update to its March 24, 2020 statement to supervised financial institutions on its initial supervisory posture during the COVID-19 response. The update says that initial posture included a reduced focus on examinations, and that as institutions have adapted, the Federal Reserve is resuming examination activities for all firms, including financial institutions with total consolidated assets of less than $100 billion. It anticipates that examination activities, including full scope examinations, will be conducted offsite until conditions improve. It tells institutions to work directly with their Reserve Bank and state banking agencies with questions. No date is printed for the update itself.
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“Federal Reserve Statement on Supervisory Activities.”
Original at www.federalreserve.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/federal-reserve-announced-pdf-www-federalreserve-gov-0af2c515d5/
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Federal Reserve Statement on Supervisory Activities
Update to March 24, 2020 Statement
On March 24, 2020, the Federal Reserve issued a statement to supervised financial institutions regarding
its initial supervisory posture as a result of the COVID-19 response.1 This initial posture included a
reduced focus on examinations to allow firms to focus on adapting to COVID-19 containment actions
and provide customers with needed assistance.
As financial institutions have had time to implement contingency operating plans and adapt operations
to the COVID-19 operating environment, the Federal Reserve is resuming examination activities for all
firms, including financial institutions with total consolidated assets of less than $100 billion.
Examination activities contribute to the Federal Reserve’s ability to understand the safety and
soundness of each institution and assess the firm’s compliance with applicable laws and regulations,
including those related to consumer protection. We anticipate that examination activities, including full
scope examinations, will be conducted offsite until conditions improve to facilitate on-site examinations.
The Federal Reserve recognizes that the current situation is significantly affecting institutions and
communities in different ways, through no fault of their own, and will work with financial institutions to
understand the specific issues they are facing. Financial institutions supervised by the Federal Reserve
should work directly with their Reserve Bank and state banking agencies, as applicable, if they have
questions on planned supervisory activities.
1
This statement applies to all institutions supervised by the Federal Reserve, including state member banks, bank
holding companies, savings and loan holding companies, Edge Act Corporations, and the U.S. operations of foreign
banking organizations.
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