Brendan Pedersen

The agencies said banks could receive Community Reinvestment Act credit for activities addressing the virus fallout, and clarified earlier guidance encouraging banks to dip into their capital buffers.

The voluntary agreements were meant to help the FDIC make staffing changes ahead of a wave of retirements. But concerns about the coronavirus means those plans will be put on hold.

Groups often will oppose mergers on Community Reinvestment Act grounds. But the proposal would tighten standards for when the agency includes “adverse comments” in the process.

In signing off on deposit insurance for the payments giant and student loan servicer, the FDIC sanctioned the first new industrial loan companies in over a decade.

On the same day the Federal Deposit Insurance Corp. said it will soon rule on two applications, the agency also proposed benchmarks for all firms that want to own industrial loan companies.

The agencies were up and running Monday but have taken steps to allow employees to work from home.

The OCC and FDIC said banks should consider waiving fees, be flexible with loan repayments and that they would not be penalized if they close branches for precautionary reasons.

The OCC and FDIC’s proposal for modernizing the community reinvestment law would give banks below $500 million of assets the option to keep the current regime. But bankers and industry representatives say that threshold should be higher.

A decision by regulators on how to move forward with the controversial charter could have broad implications for fintech firms that want to enter the banking system.

As part of a review, the agency said it had identified requirements dealing with operating subsidiaries, noncontrolling investments by banks and other corporate activities that were no longer necessary.