A COVID-19checklist Practicalshort-termactionsthatlookbeyondbusinesscontinuityplanning CreditManagement: Existing Facilities • Broadcastpaymentholidayprogramstoallexistingcreditcustomerstobe compliantwithallgovernmentmandates. • Decide how broadly payment holidays should be extended beyond mandates andtowhichborrowersandassetclasses.Payattentiontoripple-througheffects, like inability to pay rent distressing multi-family CRE lending and small-business closures impacting CRE. Err on the side of being helpful – interest and principal paymentsfromholidayswillbecapitalizedandnotwrittenoff. • Don’tlettheperfectbetheenemyofthegood.Communicatefirstandthenwork through the operational implications including modifications to loan servicing systems,legalamendmentofterms,flow-throughtocreditscores,etc. • Identifystaffwithexperienceofpreviousloanmodificationprogramsandgetthem working on processes and training materials for modification programs across multiple assetclasses. • Standupaspecialistanalyticsunittomodelroll-rateprojectionsbeyondpayment holidays using all available internal and external information to guide targeted interventions. Redeploy marketing and other analytics staff to focus on credit management. Get smart quickly about the likely differential impact and create industry/sectorpodstododeepdivesanddevelopcreativemitigationtactics. 25 COVID-19: Open letter to retail and commercial banking CEOs