Policy & Regulation

An uptick in closings is likely, but how many institutions go under and how fast will depend on a variety of factors, including the duration of the pandemic.

The joint statement said examiners will not impede banks and credit unions’ responsible efforts to offer open lines of credit, closed-installment loans or other products to borrowers dealing with fallout from the pandemic.

NAFCU and CUNA wrote to the regulator asking for a variety of measures to help credit unions weather the pandemic, including not implementing the CECL standard until at least 2024.

The regulator's extension for first-quarter documents applies to BHCs with less than $5 billion in assets.

The reprieve from mortgage data collection was among several changes to the agency’s supervisory and enforcement procedures to help firms responding to the COVID-19 pandemic.

Many borrowers will suffer unless the program, the central bank's latest response to the coronavirus pandemic, includes consumer loans issued by fintechs.

The joint statement said examiners will not impede banks’ responsible efforts to offer open lines of credit, closed-installment loans or other products to borrowers dealing with fallout from the pandemic.

Federal Reserve Chairman Jerome Powell said the central bank will maintain its muscular efforts to support the flow of credit in the U.S. economy as Americans hunker down from the coronavirus pandemic.

Corporations have tapped more than $124 billion in lines in the past three weeks; rating agency says virus “could wipe out a full year of U.S. banking profits.”

While analysts agree banks are in better shape than in 2008, lawmakers are dusting off a crisis-era tool used by the Federal Deposit Insurance Corp. to soothe potential liquidity fears during the coronavirus pandemic.