Skip to main content
A Better Partnership


Apr 2020
April 03, 2020

Jeff Ott Discusses CARES Act Banking Provisions with GRBJ

The Grand Rapids Business Journal spoke to Warner Norcross + Judd LLP Partner Jeffrey A. Ott in this week’s issue for an article titled, “Attorney: CARES Act to help banks help borrowers.” 

Although CARES Act provisions related to workers, businesses and families have received most of the attention, a lesser-discussed portion of the Act, Division A, Title IV, “Economic Stabilization and Assistance to Severely Distressed Sectors of the United States Economy,” will give banks greater ability to help borrowers and includes certain consumer protections.

In particular, Division A, Title IV addresses bank reporting requirements related to troubled debt restructurings. According to Ott, TDR requirements can hurt a bank’s earnings, unintentionally acting as a penalty for modifying a loan during a short-term crisis such as COVID-19. The new guidance removes this reporting requirement and will allow financial institutions to make loan modifications at their discretion.

Grand Rapids Business Journal subscribers can read the full article, including highlights of the legislation’s consumer protections, HERE. Warner has also prepared this comprehensive COVID-19 Resource Center to make it easier for clients to access important updates in a single location.

NOTICE. Although we would like to hear from you, we cannot represent you until we know that doing so will not create a conflict of interest. Also, we cannot treat unsolicited information as confidential. Accordingly, please do not send us any information about any matter that may involve you until you receive a written statement from us that we represent you.

By clicking the ‘ACCEPT’ button, you agree that we may review any information you transmit to us. You recognize that our review of your information, even if you submitted it in a good faith effort to retain us, and even if you consider it confidential, does not preclude us from representing another client directly adverse to you, even in a matter where that information could and will be used against you.

Please click the ‘ACCEPT’ button if you understand and accept the foregoing statement and wish to proceed.



+ -