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OCC Bulletin 2020-35 | April 7, 2020

Troubled Debt Restructurings: Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working With Customers Affected by COVID-19 (Revised)


Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties


The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively, the agencies), in consultation with the state financial regulators, today issued a revised interagency statement to provide information to financial institutions that are working with borrowers affected by the coronavirus (also known as COVID-19).


This bulletin rescinds OCC Bulletin 2020-21, "Troubled Debt Restructurings: Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working With Customers Affected by COVID-19," issued on March 23, 2020. OCC Bulletin 2020-21 transmitted the previous version of the interagency statement.

Note for Community Banks

This statement applies to community banks.1


The revised interagency statement addresses the following:

  • Banks may elect to account and report for loans modified under section 4013 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was signed into law on March 27, 2020. Refer to the Federal Financial Institutions Examination Council's Supplemental Instructions to the Consolidated Reports of Condition and Income for more information on related reporting requirements.
  • When working with borrowers, banks should adhere to consumer protection requirements, including fair lending laws, to provide the opportunity for all borrowers and communities to benefit from these arrangements.


The CARES Act creates a forbearance program for federally backed mortgage loans; protects borrowers from negative credit reporting due to loan accommodations related to the COVID-19 national emergency declared by the President on March 13, 2020; and provides financial institutions the option to temporarily suspend certain requirements under U.S. generally accepted accounting principles related to troubled debt restructurings for a limited period of time to account for the effects of COVID-19.

The agencies originally issued a statement on March 22, 2020, focusing on loan modifications and reporting, to encourage financial institutions to work prudently with borrowers and to describe the agencies' interpretation of how current accounting rules under U.S. generally accepted accounting principles apply to certain COVID-19-related modifications. This revised interagency statement clarifies the interaction between the March 22, 2020, interagency statement and section 4013 of the CARES Act, "Temporary Relief From Troubled Debt Restructurings," as well as the agencies' views on consumer protection and fair lending considerations.

Further Information

The OCC will continue to communicate with the industry as this situation unfolds, including through additional statements, webinars, frequently asked questions, or other means, as appropriate.

Please contact Lou Ann Francis, Director for Commercial Credit Risk Policy, and James Calhoun, Technical Expert for Commercial Credit Risk Policy, at (202) 649-6670; Sarah Nawrocki, Professional Accounting Fellow, Office of the Chief Accountant, at (202) 649-6280; or Paul R. Reymann, Director for Consumer Compliance Policy, at (202) 649-7880.


Grovetta N. Gardineer
Senior Deputy Comptroller for Bank Supervision Policy

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1 The term "banks" refers collectively to national banks, federal savings associations, and federal branches and agencies of foreign banking organizations.