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ARTICLE · 17 APRIL 2020

US Banking Regulators Issue Guidance On Customer Accommodation

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On March 13, 2020, the OCC and FDIC released effectively identical statements encouraging the financial institutions that they supervise to prudently work with adversely affected customers, ...

United StatesCoronavirus (COVID-19)
Thomas Delaney
Thomas Delaney
Matthew Bisanz
Matthew Bisanz
Charity J. Fort
Charity J. Fort
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On March 13, 2020, the OCC and FDIC released effectively identical statements encouraging the financial institutions that they supervise to prudently work with adversely affected customers, including consumers and businesses.1 This mirrors guidance issued on March 10, 2020 by the New York Department of Financial Services (“NYDFS”).2

OCC/FDIC Guidance

The statements from the federal regulators encourage banks to take steps to meet the financial services needs of customers adversely affected by COVID-19-related issues. Potential accommodations include:

  1. Waiving certain fees, such as:

  2. a. Automated teller machine (“ATM”) fees for customers and non-customers,
    b. Overdraft fees,

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