Regulatory Alerts2020-03-16
Added · Updated
Statement on Financial Institutions Working with Customers Affected by the Coronavirus and Regulatory Assistance
The Alabama State Banking Department encourages financial institutions to implement customer accommodations such as fee waivers, payment deferrals, and increased ATM limits to mitigate COVID-19 impacts. The Department assures that prudent loan modifications and new loan term adjustments will not result in supervisory criticism, while offering regulatory relief through flexible examination schedules and reporting discussions. Institutions are further advised to maintain service continuity via alternative options and notify regulators of any temporary facility closures.