Financial institutions’ legislative agenda was already a low priority in Congress. Lawmakers’ efforts to stabilize the economy have shifted attention even farther away from bills that would benefit the industry.
They are under less pressure from policymakers to halt repurchase plans, but some have already hit the brakes and others may unofficially do so if the pandemic worsens.
Many institutions said they would close branches, operate drive-throughs only, limit lobby visits to appointments or take other protective steps. Yet others want to stay open to promote public confidence in the banking system.
Bankers say they understand the need for an extraordinary government response to the coronavirus outbreak, but worry that even slashing interest rates won’t stimulate demand.
JPMorgan Chase and Citigroup told employees if they can work from home to begin doing so this week, escalating efforts to prevent the deadly coronavirus from spreading among staff.
Lenders are rallying around a bill from Sen. Rubio that would give them access to another $50 billion under the 7(a) program. It could face obstacles in the House, where a bill favors direct lending by the Small Business Administration.
