Recent COVID-19 Banking Regulatory Deadline Extensions and Relief

On March 27, 2020, the Basel Committee's oversight body, the Group of Central Bank Governors and Heads of Supervision (GHOS), and the US prudential banking regulators, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (collectively, the “Agencies”) announced separate actions to change the implementation deadlines for various regulatory actions. These changes were undertaken in response to the COVID-19 pandemic and illustrate the “whole of government” approach being employed globally to respond to this threat.