The plan first announced in February to update the deposit insurance sign and logo at bank tellers and ATMs became just the latest regulatory effort slowed by the coronavirus pandemic.
The nation's largest bank is temporarily reducing its exposure to the mortgage market amid rising unemployment and estimates that home prices could drop by 10%.
Some states aren't waiting on the Federal Reserve to help with the historic hits to their budgets. Instead, they're working with a lender that they have a much longer history with: Bank of America.
"We've proven we can operate with no footprint," James Gorman, Morgan's CEO, said. "Can I see a future where part of every week, certainly part of every month, a lot of our employees will be at home? Absolutely."
In some cases, financial institutions are required by court order to divert funds to private creditors. But the industry has added its voice to a consensus for a legislative update to ensure Americans receive their full amount.
The move is part of an effort by CFPB Director Kathy Kraninger to help smaller lenders by significantly raising loan thresholds for collecting and reporting mortgage data.
Legislation announced Wednesday would allow credit unions to make coronavirus relief loans to businesses without fear of bumping up against the member business lending cap.
Federal Reserve Bank of Minneapolis President Neel Kashkari says that large U.S. banks should raise $200 billion from private investors and stop paying dividends so they can support the economy.
