What Financial Institutions Need to Do Now as a Result of the Coronavirus Pandemic

As the coronavirus hits its peak in the U.S., financial institutions are increasingly concerned about how to prepare for its impact on customers and operations, as well as regulators’ expectations for handling the mounting crisis. Regulators have issued preliminary guidance (with more likely to be issued in the near-term) but the short-term and long-range impacts of the coronavirus on the financial services industry are just beginning to be understood. Please join us for a discussion of both consumer financial protection and safety and soundness topics, including the following:

• A review of new regulatory guidance, including the FFIEC’s updated Interagency Statement on Pandemic Planning (March 2020), the interagency press release encouraging financial institutions to meet the needs of customers affected by the coronavirus (March 9, 2020), and recent mortgage industry guidance from the FHA, FHFA, CSBS and state regulators, among others
• Trade association recommendations and initiatives
• Practical considerations and other best practices for mortgage and non-mortgage lenders and servicers, including marketing, origination, credit reporting, collections and servicing activities
• Answers to commonly asked questions, such as customer communications, currency handling and branch closures, among others