Brian P. Brooks, Acting Comptroller of the Currency, responded to the coalition letter, sent to federal banking regulators which requested clarification on the April 7, 2020, guidance that encourages financial institutions to work constructively with borrowers impacted by COVID-19.

Quoted in the letter: “We understand the significance of nonbank lenders in the U.S. economy, particularly during the COVID-19 public health and economic crisis, and we support financial institutions’ role to provide financing to nonbank lenders… The interagency statement applies to all lending and financial arrangements, including those with nonbank lenders.”

Furthermore, Brooks states, “We are committed to monitoring the consumer and economic effects of the COVID-19 pandemic, and will not hesitate to take additional action and to provide clarity and guidance as necessary.”

You can view the response letter in its entirety here.