Regulatory AlertsCA 20-11: Examination Procedures for the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
The Board of Governors of the Federal Reserve issued examination procedures to ensure compliance with the credit reporting and mortgage servicing provisions of the CARES Act. These procedures require credit furnishers to report accounts as current for consumers receiving accommodations and mandate mortgage servicers to grant forbearance for borrowers experiencing COVID-19-related financial hardships. The Board stated it will consider good-faith efforts to support consumers and will generally refrain from public enforcement actions against institutions that demonstrate proactive compliance during the emergency.
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