8.3.20
In a statement issued on Monday, August 3, the Federal Financial Institutions Examination Council (FFIEC) called for banking agencies to offer more loans and provide for additional loan modifications as the first-round of these programs comes to an end. The FFIEC stated that some participants in these programs may not be on their feet financially and thus may require additional relief. However, the FFIEC notes that if financial institutions expand their relief programs they must consider consumers’ financial situations and evaluate a consumer’s “reasonable capacity” to pay.