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Client Alert

Top 10 Signs that May Indicate Financial Distress

June 19, 2020The business world has been turned upside down with COVID-19 and the financial disruption it has created. Once healthy businesses are taking protective measures to remain viable. The impact of this health and financial crisis has affected nearly all industries in some manner. Being aware of areas or issues where your company is vulnerable is critically important. We have identified ten signs to look for when evaluating whether your company has some degree of financial distress.Client Alert

FDIC Provides Guidance on Loan Modifications & Workout Options for Borrowers Affected by COVID-19

March 30, 2020On March 22, 2020, the Federal Deposit Insurance Corp (FDIC) and other federal banking regulatory agencies, along with state banking regulators, the National Credit Union Administration Agency (NCUA), the regulator of credit unions, and the Consumer Financial Protection Bureau (CFPB) issued the Interagency Statement on Loan Modifications and Reporting by Financial Institutions Working with Customers Affected by the Coronavirus to encourage financial institutions to work constructively with borrowers impacted by the disease and to provide additional information regarding loan modifications. In summary, the policies give lenders or bankers substantially more latitude to work with affected borrowers by softening the regulatory and accounting impact of having delinquent or restructured credit.