Last Updated: 04/28/20

COVID-19 Supervision Resources

The Federal Reserve Bank of Chicago is coordinating regulatory and supervisory efforts with all relevant federal and state banking agencies and banking organizations within the Seventh District. This COVID-19 Supervision Resources page is a dedicated to providing timely regulatory information and resources for banking professionals, consumers, and other interested parties affected by the COVID-19 pandemic.

The content of this page focuses on the latest industry guidance, policy statements, press releases and other links issued by the various banking agencies. This information will be frequently updated with relevant content given the evolving nature of the situation. You can also find updated information on the Board of Governors of the Federal Reserve System’s Coronavirus Disease 2019 website.

Questions

If you have questions concerning the operations of your financial institution, please directly call your financial institution or visit their website. Banking questions related to this matter can be submitted via our contact form.

When filling out the form, please select "Supervision and Regulation" in the Subject drop-down box, and include your institution name and the relative size of your organization in the Comments field to ensure it is directed to the right division. The institution types are below.

  • Community Banking Supervision (<$10B)
  • Consumer Compliance and CRA Supervision
  • Regional Banking ($10B-$50B) & Thrift Supervision
  • Large Banking Supervision (>$50B)
  • Mergers & Acquisitions

Regulatory communications

May 20, 2020: SR 20-14 /CA 20-8: Interagency Lending Principals for Making Responsible Small-Dollar Loans

May 8, 2020: SR 20-13: Interagency Guidance on Credit Risk Review Systems

May 8, 2020: SR 20-12: Interagency Policy Statement on Allowances for Credit Losses

May 6, 2020: CA 20-7: Flood Insurance Compliance in Response to the Coronavirus

April 16, 2020: SR 20-11: Release of Updated Sections of the Federal Financial Institutions Examination Council’s Bank Secrecy Act/Anti-Money Laundering Examination Manual

April 7, 2020: Agencies issue revised interagency statement on loan modifications by financial institutions working with customers affected by the coronavirus

April 6, 2020: SR 20-10: Small Business Administration (SBA) and Treasury Small Business Loan Programs

March 31, 2020: SR 20-9: Joint Statement on Interaction of the Regulatory Capital Rule: Revised Transition of the CECL Methodology for Allowances with Section 4014 of the Coronavirus Aid, Relief, and Economic Security Act

March 30, 2020: SR 20-8: Joint Statement on Adjustment to the Calculation for Credit Concentration Ratios Used in the Supervisory Approach

March 30, 2020: SR 20-7/CA 20-5: Joint Statement Encouraging Responsible Small-Dollar Lending in Response to COVID-19

March 27, 2020: SR 20-6: Identification of Essential Critical Infrastructure Workers in the Financial Services Sector During the COVID-19 Response

March 27, 2020: Agencies announce two actions to support lending to households and businesses

March 26, 2020: Federal Reserve offers regulatory relief to small financial institutions affected by the coronavirus

March 26, 2020: Federal agencies encourage banks, savings associations and credit unions to offer responsible small-dollar loans to consumers and small businesses affected by COVID-19

March 24, 2020: Federal Reserve provides additional information to financial institutions on how its supervisory approach is adjusting in light of coronavirus

March 22, 2020: Agencies provide additional information to encourage financial institutions to work with borrowers affected by COVID-19 (TDRs)

March 19, 2020: CA 20-4: CRA Consideration for Activities on Response to the Coronavirus

March 19, 2020: SR 20-5: Questions and Answers on Statement Regarding the Use of Capital and Liquidity Buffers

March 17, 2020: Federal banking agencies provide banks additional flexibility in response to COVID-19 pandemic

March 13, 2020: SR 20-4/CA 20-3: Supervisory practices regarding financial institutions affected by Coronavirus

March 10, 2020: SR 20-3/CA 20-2 - The member agencies of the Federal Financial Institutions Examination Council recently updated guidance identifying actions that financial institutions should take to minimize the potential adverse effects of a pandemic Interagency Statement on Pandemic Planning.

March 9, 2020: Agencies encourage financial institutions to meet financial needs of customers and members affected by coronavirus

March 29, 2013: SR 13-6/CA 13-3: Supervisory Practices Regarding Banking Organizations and Their Borrowers and Other Customers Affected by a Major Disaster or Emergency

Recent announcements

March 23, 2020: Federal Reserve System Main Street Business Lending Program

March 17, 2020: Federal banking agencies provide banks additional flexibility to support households and businesses

Board of Governors Coronavirus Disease 2019 Resources

The Board of Governors of the Federal Reserve System has developed a page that aggregates COVID-19-related supervisory and regulatory resources and information. You can find the page here.

Board of Governors Press Releases

The Board of Governors of the Federal Reserve System regularly issues releases related to banking and consumer regulatory policies, as well as many other important topics.

Subscribe to receive email alerts by entering your address in the Sign-Up box located here.

Emergency Communications System

The Emergency Communications System (ECS) is a free service for state supervisory agencies and Federal Reserve Bank supervision functions to communicate with the financial institutions they regulate in emergency situations.

Subscribe to the ECS here, or contact the ECS Support Center at 877.327.5333.

Supervisory Contact System

The Supervisory Contact System (SCS) is a communication tool used for disseminating supervisory guidance to state-chartered financial institutions, and to keep an updated supervisory contact list at each financial institution that subscribes to this service.

Subscribe to this service by contacting the SCS Support Center at 855.727.5919, or email supervision.contact@stls.frb.org.

Ask the Fed

Ask the Fed is a program covering the latest financial and regulatory developments for bankers and their boards of directors. It consists of periodic conference call / webinars that feature Fed experts and guest speakers on top banking questions of the day, with time at the end for questions and comments.

To register for the Ask the Fed platform, financial institutions should go to www.askthefed.org and follow these steps:

  1. Click “Register Now” and fill out the information on the following page. 
  2. After submitting a registration, you will get a verification email in which you will have to click to confirm the new account.
  3. Once you verify the account, you will be set up and can view all the archived materials.

If you have any questions, please email questions@askthefed.org.

The Federal Reserve’s discount window provides short-term loans to banks and plays an important role in supporting the liquidity and stability of the banking system. By providing ready access to funding, the discount window helps depository institutions manage their liquidity risks efficiently.

The Fed, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency are encouraging banks to use the discount window so that they can continue supporting households and businesses. See their joint statement here.

7th District Discount Window

7th District OC-10 Instructions and Discount Window Borrowing Agreements

7th District Borrower-In-Custody Program Information

Discount Window Margins and Collateral Guidelines

Discount Window FAQ's

   

Centers for Disease Control and Prevention
CDC information and resources about the coronavirus.

Coronavirus.gov
This new website and app includes a COVID-19 screening tool and resources to help people protect their health.

Department of Agriculture
The Department of Agriculture announced it would be
suspending foreclosures on borrowers with USDA Single-Family Housing Direct (SFHD) loans and evictions of persons in SFHD secured properties for a period of 60 days.

Department of Housing and Urban Development Resources
Information from HUD for housing providers on the coronavirus.

Department of Veteran Affairs
The VA is strongly encouraging holders of veteran loans to abstain from initiating foreclosure proceedings during the COVID-19 pandemic.

Federal Government Response to Coronavirus
Provides information on the Federal Government’s response to COVID-19 in a number of areas that affect daily life.

FFIEC Consumer Help Center
The Help Center directs consumers with complaints and questions about their bank or financial institution to the appropriate federal bank regulatory agency that can help them with their concerns.

Housing and Urban Development
HUD announced a suspension in foreclosure and evictions for Federal Housing Administration-insured mortgages for single-family properties for the next 60 days.

Internal Revenue Service Filing and Payment Deadline Extension
The Treasury Department and IRS are providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 outbreak.

U.S. Small Business Administration Guidance and Loan Resources
Information and resources from the U.S. Small Business Administration, including information on Economic Injury Disaster Loans, which offer up to $2 million in assistance for a small business.

Illinois

City of Chicago Coronavirus Response Center
Information and resources for Chicago residents related to COVID-19.

Governor’s Executive Orders
Current declarations with regard to state actions to minimize the impact of COVID- 19.

HUD Approved Housing Counseling Agencies
A list of agencies that provide advice on Illinois home buying, renting, reverse mortgages and defaults and foreclosure prevention.

Illinois Department of Employment Security
IDES COVID-19-related resources, information and frequently asked questions on unemployment benefits.

Illinois Department of Financial and Professional Regulation
IDFPR resources for Illinois licensees and consumers impacted by COVID-19.

Illinois Department of Human Services
IDHS communications and public service announcements to providers and customers.

Illinois Department of Public Health
IDPH information and updates on COVID-19.

Illinois State Financial Relief Resources
State of Illinois economic assistance programs and information for businesses and residents.

Workforce Innovation and Opportunity Act Works Illinois
Resources to address questions and concerns of workforce professionals to assist businesses and individuals affected by the COVID-19 pandemic.

Indiana

Indiana State COVID-19 Updates
Indiana’s primary source of COVID-19 news and information.

Indiana State COVID-19 Resources
A resource guide for Indiana residents.

Indiana Bankers Association
The IBA’s COVID-19 updates and resources for banks.

Indiana Chamber of Commerce
Resources for employers during the COVID-19 pandemic.

Indiana Department of Workforce Development
Indiana resident information on unemployment insurance from the DWD.

Family and Social Services Administration
Provides links to various state divisions including Aging, Disabilities and Rehabilitative Services, Family Resources, Mental Health and Addiction, Early Childhood and Out-of-School Learning, and Medicaid Policy & Planning.

Governor’s Executive Orders
Current declarations with regard to state actions to minimize the impact of COVID- 19.

HUD Approved Housing Counseling Agencies
A list of agencies that provide advice on Indiana home buying, renting, defaults, foreclosures, credit issues and reverse mortgages and default and foreclosure prevention.

Iowa

Iowa State COVID-19 Information
Website dedicated to information on COVID-19 Iowa.

Iowa Department of Public Health (IDPH)
Primary source of Iowa health information on the COVID-19 pandemic.

Iowa Division of Banking
Information on Small Business Recovery Assistance related to COVID-19.

Iowa Economic Development
Information for Iowa Business Recovery related to COVID-19.

Iowa Workforce Development
Frequently asked questions for employers and employees related to COVID-19.

Governor’s Proclamation
Current declarations with regard to state actions to minimize the impact of COVID-19

HUD Approved Housing Counseling Agencies
A list of agencies that provide advice on Iowa home buying, renting, defaults, foreclosures, credit issues and reverse mortgages and default and foreclosure prevention.

Michigan

Governor’s Executive Orders
Current declarations with regard to state actions to minimize the impact of COVID-19

HUD Approved Housing Counseling Agencies
A list of agencies that provide advice on Michigan home buying, renting, defaults, foreclosures, credit issues and reverse mortgages and default and foreclosure prevention.

Michigan Department of Insurance and Financial Services
A message from DIFS Director Anita Fox regarding COVID-19 information for Michigan consumers and businesses on financial and banking services.

Michigan Economic Development Corporation
Resources for Michigan businesses affected by COVID-19.

Michigan State COVID-19 Information and Resources
Michigan’s primary source of COVID-19 news and information.

Wisconsin

COVID-19 Letters from the Governor
Information and resources from Governor Tony Evers, including written communication to residents.

HUD Approved Counseling Agencies
A list of agencies that provide advice on Wisconsin home buying, renting, defaults, foreclosures, credit issues and reverse mortgages and default and foreclosure prevention.

Wisconsin Department of Financial Institutions COVID-19 Resources
The DFI’s Division of Banking’s information for banks related to COVID-19.

Wisconsin Department of Health Services
Wisconsin’s primary source of COVID-19 news and information.

Wisconsin Department of Workforce Development
Frequently asked questions concerning COVID-19 and unemployment benefits for claimants and employers.

Wisconsin Economic Development Association
WEDA economic and business resources related to COVID-19.

Wisconsin Economic Development Corporation
WEDC economic and business resources related to COVID-19.

Wisconsin State COVID-19 Resources
General COVID-19 news and information for residents.

Coronavirus Tax Relief
The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus.

Credit Counseling Agencies
A list of credit counseling agencies sourced and approved by the U.S. Department of Justice.

Fannie Mae
Fannie Mae is providing assistance options for homeowners impacted by COVID-19. Homeowners can find out if they have a Fannie Mae-owned mortgage and access to the Disaster Response Network by visiting this site.

Freddie Mac
Freddie Mac is providing mortgage forbearance for up to 12 months; waiving assessments of penalties and late fees; suspending reporting to credit bureaus of delinquency related to forbearance; and offering loan modification options that lower payments or keep payments the same after the forbearance period.

FDIC Deposit Insurance FAQs
General information for consumers on the FDIC’s role and deposit insurance.

Payday Loans
Federal Trade Commission tips for consumers to avoid predatory loans.

CDC Guidance for Employers
The Centers for Disease Control and Prevention (CDC) provides information to help plan, prepare and respond to Coronavirus Disease 2019.

U.S. Chamber of Commerce COVID-19 Resources
Guidance for businesses to help protect their employees from the coronavirus while ensuring continuity of operations.

U.S. Small Business Administration Resources
The Small Business Administration is offering disaster assistance in response to the coronavirus.

Having trouble accessing something on this page? Please send us an email and we will get back to you as quickly as we can.

Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

Copyright © 2020. All rights reserved.

Please review our Privacy Policy | Legal Notices