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

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