Crisis management

There are several forbearance measures the agencies can take now to keep banks from failing in a downturn triggered by the coronavirus.

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.

The banks — including JPMorgan Chase, Bank of America, Wells Fargo and Citigroup — agreed to stop buying back their own shares through the second quarter, saying they will focus on supporting clients and the nation during the coronavirus pandemic.

In announcing the central bank’s emergency rate cut, Chairman Jerome Powell warned that the Fed can only do so much.

There's much bank executives can learn from the 737 Max and Deepwater Horizon catastrophes, which could have been averted if regulators had been notified sooner.