The Office of the Comptroller of Currency has said that it will take into account the impact of the COVID-19 pandemic on compliance as it considers examinations and enforcement.
Banks face heightened compliance risks during the Coronavirus Crisis as staff reductions coincide with a large influx of loan requests, making way for higher compliance risks. Especially as banks are pressured to respond quickly with legislation such as the Cares Act requiring high-speed and high-volume processing of loan requests, understaffed banks may find themselves overwhelmed and take compliance shortcuts.
