Disaster planning

JPMorgan Chase is asking thousands of U.S. employees to work from home as it tests a contingency plan for closing domestic offices should the coronavirus spread, according to people with knowledge of the matter.

The lawmakers want U.S. banking agencies to join their international peers in ensuring the financial system is resilient to climate-related risks.

The San Juan company has largely recovered from the hurricane that hit a year ago, and it has made extensive preparations for future natural disasters. Yet its home market is still suffering from debt and net outmigration of residents.

Banks may need to do more to help small businesses after a hurricane, flood or other calamity as those firms tend to favor nonbank lenders after an emergency for a number of reasons, according to research by four regional Federal Reserve banks.

Recent hurricanes and wildfires still raging in California are fresh reminders to bankers of the importance of emergency preparedness plans.