Financial institutions are also expected to monitor consumers for early signs of severe financial stress and maintain accurate records of all those contacted for this purpose.
During a media briefing, FCAC officials said those expectations, such as not charging interest on interest, were already put in place and communicated to the industry during the COVID-19 pandemic. They are reflected again in the new guidelines to provide tailored relief measures. “We have a lot of confidence in financial institutions adhering to the guideline,” Frank Lofranco, deputy commissioner of supervision and enforcement for the agency, said during the July 5 briefing. “We expect financial institutions and customers who are at risk to find solutions that are appropriate for specific needs and circumstances.”
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