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ARTICLE · 11 JULY 2023

Banking Agencies Finalize Interagency Policy Statement On CRE Loan Workouts

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The Policy Statement is substantially similar to what the agencies proposed last year and supersedes the previous commercial real estate ("CRE") loan workouts from 2009.

United StatesReal Estate and Construction
Daniel Meade
Daniel Meade
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On June 30, the Federal Reserve Board ("FRB"), Federal Deposit Insurance Corporation ("FDIC"), Office of the Comptroller of the Currency ("OCC") and the National Credit Union Administration ("NCUA") finalized their Policy Statement on Commercial Real Estate Loan Accommodations and Workouts (the "Policy Statement"). The Policy Statement will be effective upon publication in the Federal Register.

The Policy Statement is substantially similar to what the agencies proposed last year and supersedes the previous commercial real estate ("CRE") loan workouts from 2009. The Policy Statement "reinforce[s] the message that financial institutions should work prudently and constructively with creditworthy commercial borrowers experiencing financial difficulties, and clarify that such message applies in all stages of the economic cycle...[and] ensure that supervisory policies and actions do not inadvertently curtail the availability of credit to sound borrowers."

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