Washington Report 360 | May 15, 2020

FRB deferred/canceled non-critial exams; Focus on credit risk; Focus on FRB credit facilities; SBA released new FAQs on SBA reviews

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100


  • FRB Supervision and Regulation Report indicates the FRB has deferred or cancelled non-critical examinations for large firms but continues to conduct examinations that are important to understanding issues of safety and soundness, consumer protection, and financial stability as well as areas of heightened risk due to the COVID-19 containment measures.
  • Focus on credit risk highlighted by agency guidance on credit risk review systems, allowances for credit losses, billing errors and open-end credit.
  • Focus on FRB credit facilities highlighted by updates to the MLF, TALF, PPPLF; launch of the SMCCF; and the FRB Chairman’s remarks about potential need for additional measures.
  • SBA PPP terms continue to evolve with two new FAQs on SBA reviews of loans in excess of $2 million and an interim final rule on loan increases for certain partnerships and seasonal employers.

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