Policy & Regulation

Policymakers should abolish the new accounting standard because it could distract banks at exactly the moment they need to be focused on pulling their communities from the brink of recession.

The $2 trillion deal passed by the Senate late Wednesday would aim to put banks and consumers alike on stronger financial footing as they weather the coronavirus pandemic.

Banks and credit unions should make it their top priority to pair with the central bank in distributing financial relief to small businesses, even if that means putting everything else on hold.

Losses on commercial real estate aren’t expected to be as bad as the 2008 crisis; as more cities announce shutdowns, consumers turn to online payments.

Margins will be squeezed after the Federal Reserve lowered interest rates earlier this month to counteract the economic fallout from the coronavirus.

The regulation issued late on Tuesday directs state-regulated financial institutions to give mortgage borrowers at least 90 days of forbearance if they can show financial hardship resulting from the coronavirus pandemic. It also requires banks and credit unions to provide relief on ATM fees and credit card late payment fees.

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

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.

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.

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.