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Required policy for payment extensions

Question: 
Do we need a policy on providing payment extensions to borrowers?
Answer: 

As far back as 2000 the FFIEC was establishing guidance and a policy on re-aging accounts and determining when payment extensions should be applied and how many were acceptable. Examiners were following up with banks to make them aware of the same things. Yes, it is advised.

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First published on 04/26/2020

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