After budget cuts and a strategic transition, the interagency body conceived by Dodd-Frank to identify systemic threats has largely been silent as the pandemic roils the economy.
Major economic stabilization funds are made available to U.S. businesses (including nonprofits), states and municipalities under Title IV of the CARES Act. Title IV itself is titled the “Coronavirus Economic Stabilization Act of 2020” (referred to in this summary as “CESA”).[1]
Customers are more reliant than ever on digital banking tools, and institutions like OceanFirst, BBVA and M&T are thankful they had invested in teaching employees to show customers how to use them.
Weak demand for oil and gas, brought on by the economic fallout of the coronavirus outbreak, has raised concerns of energy firms missing loan payments or even going bankrupt. Here’s how banks and regulators are trying to get ahead of potential problems.
The ICBA chief’s plea for a six-month halt to regulations not related to the pandemic followed similar calls by community groups and a key Senate Democrat.
The regulation established standards for investors who own less than a quarter of an institution. Banks are getting more time for implementation as they focus on effects of the COVID-19 pandemic.
Grainne McNamara, financial services principal at Ernst & Young, explains that bank regulators have already been examining banks' cultures, and that's likely to continue. But banks can still fix culture problems during a pandemic.
