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

1 1 (March 25, 2020)

handle is hein.crs/govcaxp0001 and id is 1 raw text is: Researh Sevice Banking Regulators' Response to COVID-19 March 25, 2020 Economic conditions have deteriorated rapidly in the past few weeks, as the coronavirus (COVID- 19) outbreak has caused many businesses and public institutions to limit or close their operations. Policymakers are considering a range of programs and policy options to assist Americans facing increased financial hardship and those incurring time off work because of illness. Once it became clear that the COVID- 19 outbreak would have serious financial ramifications for households and businesses, the federal agencies that regulate banks and credit unions-the Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and Consumer Financial Protection Bureau (collectively referred to as the bank regulators), and the National Credit Union Administration-responded in two general ways as discussed in this Insight: * measures to encourage banks to work with customers affected by COVID-19; and * adjustments to bank regulation related to capital, liquidity, and supervision. 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 influenza pandemic guidance 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 INI 1244, The Financial Industry and Consumers Struggling to Pay Bills during the COVID-19 (Coronavirus) Outbreak, by Cheryl R. Cooper.) * March 9, 2020: the banking regulators issued a joint statement to encourage depository institutions to meet the financial services needs of their customers and members in COVID- 19-affected areas. Congressional Research Service https://crsreports.congress.gov IN11278 CRS NStGHT Prepaimed for Mernbei-s and Committees 4 o. C- --q s . . . .. . . . . . .. . . . . .. . . . ..-----------------------------------------------------------------------------------------------------------------------------------------------------------

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