PROVIDENCE – It’s no secret that banks and credit unions have been dealt some significant blows to their revenue from the combination of slashed federal interest rates, stock market drops and a slowdown in overall economic activity.
But exactly how much of a hit financial institutions took during the first quarter of 2020 may not be available as early as anticipated. The Federal Deposit Insurance Corp. on March 25 announced a 30-day extension for federally insured institutions to report their first-quarter Consolidated Reports of Condition and Income in light of “staffing priorities and disruptions” caused by the COVID-19 pandemic.
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Reports are typically due to the FDIC on March 31 and announced publicly to shareholders in subsequent weeks.
Any institutions that anticipate a delay to their reporting are asked to contact their regional FDIC office in advance.
Nancy Lavin is a staff writer for PBN. Contact her at Lavin@PBN.com.
