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FDIC updates steps to protect banks and continue operations

FDIC FIL-29-2020, issued Friday, updates the steps announced on March 16, 2020, to protect banks and consumers and to continue operations. Highlights:

  • All FDIC employees in all FDIC facilities are now engaged in mandatory telework through at least April 12.
  • Supervisory and other FDIC activities at financial institutions will be conducted off-site for an additional two weeks through April 12, and staff has individually contacted institutions with ongoing or upcoming examination activities about their communication preferences during this period.
  • The FDIC will evaluate the necessity of continuing off-site work as we approach April 12.
  • The FDIC recognizes that institutions may have operational or staffing challenges associated with the pandemic that limit the ability of management to respond to normal supervisory requests. Institutions faced with these challenges should contact their Examiner-in-Charge or Regional Director to coordinate the timing of any response so it does not inhibit critical operations at the institution at this difficult time.
  • Despite the challenges presented by the coronavirus, the FDIC remains prepared to carry out its mission to insure deposits, promote financial stability, protect consumers, and ensure the safe and sound operation of FDIC-supervised institutions.
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