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The Impact of COVID-19 on Loan Modifications  

CATEGORY: Accounting & Auditing
  Nano Learning
0.2 CPE Credits
Level: Basic

The coronavirus pandemic has placed an economic strain on the world. Various federal agencies, state banking regulators, and the FASB are working feverously to enact joint statements and recommendations. One such statement is the Interagency Statement on Loan Modifications by Financial Institutions Working with Customers Affected by the Coronavirus.

On April 7, 2020, this interagency statement was revised. This revised interagency statement encourages financial institutions to work constructively with borrowers impacted by COVID-19. It provides additional information regarding loan modifications and clarifies the interaction between the interagency statement and related relief provided by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). This course gives an overview of this revised interagency statement. This overview course may be appropriate for professionals at all organizational levels.

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