Fed to suspend some bank supervision during viral outbreak

Source: MGN -- The Fed is encouraging banks to work with borrowers who are unable to pay all their debts because of the coronavirus, which has crippled the economy and caused potentially millions of layoffs.
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WASHINGTON (AP) The Federal Reserve says it will suspend some of its bank supervisory activities to give banks more leeway in dealing with financially strapped customers.

The Fed said Tuesday that it will cease all examinations for banks with less than $100 billion in total assets.

For larger banks above that threshold, the Fed will postpone most of its examinations, based on how burdensome the scrutiny would be for each bank.

The Fed is encouraging banks to work with borrowers who are unable to pay all their debts because of the coronavirus, which has crippled the economy and caused potentially millions of layoffs.

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