US regulators urge banks to aid borrowers hit by virus

[WASHINGTON] US banking regulators on Monday urged financial institutions to work with borrowers feeling the impact of the coronavirus outbreak, indicating they will ease up oversight.

Banks "should work constructively with borrowers and other customers in affected communities," the agencies said in a joint statement, adding that "prudent efforts that are consistent with safe and sound lending practices should not be subject to examiner criticism."

The regulators including the Federal Reserve and Federal Deposit Insurance Corporation also said they would work to reschedule bank examinations for any institutions facing staffing and other challenges.

AFP