The joint statement said examiners will not impede banks’ responsible efforts to offer open lines of credit, closed-installment loans or other products to borrowers dealing with fallout from the pandemic.
Accommodations for borrowers affected by the coronavirus pandemic, such as payment delays and fee waivers, are "positive and proactive actions that can manage or mitigate adverse impacts," the regulators said.
The Ohio Democrat argued that the public wouldn't be able to meaningfully provide feedback on rules given the stressful circumstances related to the outbreak.
State and federal officials committed to providing “appropriate regulatory assistance” to banks whose customers may be hurt by the coronavirus outbreak and said prudent measures would not be subject to criticism by examiners.
Sen. Mark Warner led a group of Democratic senators in calling on bank, credit union and GSE regulators to give detailed instructions on helping consumer and commercial borrowers hurt by the COVID-19 outbreak.
Elizabeth Duke and James Quigley step down from board; the bank is asking corporations to divulge their exposure and preparations as part of risk assessment.
Though the agency plans to give more credit unions authority to issue subordinated debt, limited investor appetite and other factors could hamper activity.
