Bloomberg Law
March 18, 2020, 9:35 AM

Bank Exams May Lose Punch as Coronavirus Restrictions Linger

Evan Weinberger
Evan Weinberger
Assistant Managing Editor

Bank exams could become less effective now that federal financial regulators are steering examiners to work remotely as part of efforts to combat the novel coronavirus.

Regulators like the Office of the Comptroller of the Currency and the National Credit Union Administration have tools to conduct remote examinations of financial institutions rather than conducting on-site reviews of banks’ operations. But those systems weren’t designed to replace on-site inspections entirely, nor were they designed for people being locked in place for an extended, unknown period of time.

As lockdowns and travel restrictions expand, problems at banks could slip through the cracks. ...

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