Coronavirus Impact
Coronavirus Impact
For banks with more than $100 billion of assets, the Fed plans to defer a portion of planned examinations but will still conduct an exam when a financial stability or consumer protection issue has been flagged at a firm.

The central bank will prioritize monitoring and outreach while reducing examination activity due to the coronavirus pandemic until at least the end of April.

March 24
1 Min Read

It joins a growing list of banks temporarily shuttering branches as the novel coronavirus continues to spread across the country and more Americans stay home. Meanwhile, Citi and rival Wells Fargo became the latest banks to announce plans to pay bonuses to front-line employees.

March 24
2 Min Read
Rep. Maxine Waters, D-Calif., proposed legislation that would use the U.S. Postal Service to help underbanked consumers establish digital identification.

The coronavirus stimulus package has resurrected calls for the U.S. government to offer a central bank digital currency, public mobile wallets and postal banking—controversial ideas that are hard to pull off, but exist outside the U.S. and could dent interchange fees and private stablecoin projects like Facebook’s Libra.

March 24
3 Min Read

The bank has asked managers review job postings and pull listings for roles that don’t need to be filled immediately, according to people familiar with the matter.

March 24
1 Min Read
Online annual meetings due to coronavirus

The COVID-19 crisis is forcing many banks to hold their spring shareholder meetings online only.

March 24
4 Min Read
“My legislation would allow every American to set up a free bank account so they don’t have to rely on expensive check cashers to access their hard-earned money,” said Sen. Sherrod Brown, an Ohio Democrat.

The legislation sponsored by Sen. Sherrod Brown, an Ohio Democrat, would require banks to offer the accounts so that consumers could easily access cornonavirus relief funds without turning to high-cost check cashers.

March 24
1 Min Read
If roughly one-quarter of residential borrowers are unable to pay their mortgage and need forbearance for three months to nine months, servicers could be on the hook for from $36 billion to $100 billion, the MBA estimates.

With economists fearing high unemployment stemming from the pandemic, the housing finance system is grappling with how it will recoup lost revenue from delinquencies, forbearance plans and other tremors.

March 24
8 Min Read
“The American people need access to financial sector services, and State and local governments must ensure the continuity of critical financial sector functions,” said Treasury Secretary Steven Mnuchin.

Financial services personnel were among critical infrastructure groups that the Department of Homeland Security said were crucial for “public health and safety as well as community well-being” during the pandemic.

March 24
1 Min Read
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