Policy & Regulation

The head of the U.S. central bank said its emergency credit programs were not designed to prop businesses up over the long term.

Critics of the Community Reinvestment Act revamp want to freeze the rulemaking process. That would only delay financial help to New York and other hard-hit cities.

The agency said without further action banks' participation in coronavirus relief programs could inflate their deposit insurance assessments.

The joint site describes potential strategies for both homeowners and renters economically affected by COVID-19.

The Ohio Democrat's criticism of Rodney Hood, chairman of the National Credit Union Administration, echoed complaints from bankers that the regulator was using the chaos from the pandemic to push through changes.

At a Senate hearing with all the bank regulators, Joseph Otting got an earful over his agency’s decision to move forward with Community Reinvestment Act reform during the pandemic. Lawmakers also urged the Fed to speed up the rollout of coronavirus relief programs.

The central bank will disclose information on a monthly basis about its Term Asset-Backed Securities Loan Facility and its Paycheck Protection Program Liquidity Facility.

The Term Asset-Backed Securities Loan Facility is just one example of a fund that could be retooled.

The agency is being methodical in its rollout of the Main Street Lending Program in hopes of avoiding missteps that followed the launch of other coronavirus relief efforts. But observers say delaying aid brings its own risks.

The agency will allow institutions providing 500 or fewer transfers a year to estimate costs in consumer disclosures rather than quote exact figures.