On July 6, 2020, NYLIB President Edward Lutz sent a letter to members of Congress, the prudential banking agencies, and the Financial Standards Accounting Board (“FASB”) concerning accounting for troubled debt restructurings (“TDRs”) in light of the COVID-19 pandemic. 

On July 10, 2020, FDIC Chairman Jelena McWilliams responded in a letter thanking NYLIB for sharing its “concerns on this important matter and for offering to serve as a resource” and noting that the FDIC continues “to explore further opportunities to ensure that banks can continue serving their customers during this difficult time.”