Federal financial institution regulatory agencies have jointly issued a final policy statement on commercial real estate loan accommodations and workouts. The updates reinforce existing supervisory guidance calling for financial institutions to work prudently and constructively with creditworthy borrowers during times of financial stress. This policy statement has been jointly issued by the FDIC, Federal Reserve, National Credit Union Administration (NCUA), and Office of the Comptroller of the Currency (OCC).
The new statement is substantially similar to a proposal released in 2022 with minor changes made in response to comments received. It replaces previous guidance on commercial real estate loan workouts published in 2009.
A section on short-term loan accommodations was added that was not included before; an accommodation includes an agreement to defer one or more payments, make partial payment or provide other assistance/relief when a borrower is experiencing financial difficulty. Additionally, it addresses recent accounting changes for estimating losses from loans affected by workout activity as well as provides examples related thereto; several hypothetical scenarios are also included regarding CRE loan workout arrangements under different conditions .
In summary, this joint policy statement serves as updated guidelines for lenders when working with creditworthy borrowers facing economic hardship due to COVID-19 pandemic or any other situation causing distress financially speaking – aiming at providing relief while ensuring prudent lending practices are followed throughout all stages of such process .
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