About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

1 1 (April 20, 2020)

handle is hein.crs/govdacp0001 and id is 1 raw text is: i% 'N\ r Bank and Credit Union Regulators' Response to COVID-19 Updated April 20, 2020 Once it became clear that the coronavirus (COVID-19) outbreak would have serious financial ramifications, the federal agencies that regulate banks and credit unions-the Federal Reserve, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and Consumer Financial Protection Bureau (CFPB) (collectively referred to as the bank regulators), and the National Credit Union Administration (NCUA)-responded using existing authorities in two broad ways: * taking measures to encourage banks to work with customers affected by COVID-19; and * making adjustments to bank regulation. The regulators have also issued rulemakings pursuant to Sections 1102, 4003, and 4012 of the CARES Act. Those sections of the law are described in CRS Report R46301, Title IVProvisions of the CARESAct (PL. 116-136); and in CRS Insight N 11341, SBA 's Paycheck Protection Program (PPP) Loans and Self- Employed Individuals. In addition, the Federal Reserve has taken steps to provide liquidity to financial markets, examined in CRS Insight N 11327, Federal Reserve: Emergency Lending in Response to COVID-19. Assisting Affected Consumers Regulators' efforts to deal with the potential effects of COVID- 19 began in early March with attempts to ensure that depository institutions were adequately planning for the potential risks. On March 6, 2020, the Federal Financial Institutions Examination Council (FFIEC) updated its influcnza patidcnic guidatce to minimize the potentially adverse effects of COVID-19. The guidance identifies business continuity plans as a key tool to address pandemics and provides a comprehensive framework to ensure the continuation of critical operations. In the past month, regulators have shifted focus to providing guidance on how to address and serve customers affected by the virus. (For more on policy options for financial services companies responding to customers affected by COVID-19, see CRS Insight N 11244, COVID-19: The Financial Industry and Consumers Struggling to Pay Bills.) Congressional Research Service https://crsreports.congress.gov IN11278 CRS NSMGHT Prep-re for Members and Committees of Congress ...........................................................................................................................................................................................................

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most