Federal Reserve offers relief to small financial institutions.

Federal reserve today announced on their website that they will not take any action against the financial institutions with 5$ billion or less asset for submitting its March 31, 2020, Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) or Financial Statements of U.S. Nonbank Subsidiaries of U.S. Bank Holding Companies (FR Y-11) after the official filing deadline.

The decision was taken keeping in mind the disruptions caused due to coronavirus outbreak. It has been announced on the website that the institutions should contact their reserve bank in advance if they aren’t able to file the statements on time.

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