As COVID-19 impacts businesses around the globe, lenders are scrambling to forecast the impact on their customers and, in turn, their own financial condition. A summary of recent resources for financial institutions and other lenders is below. For help on a specific issue, contact any member of Taft’s COVID-19 Task Force.

Regulatory Agencies

Office of the Comptroller of Currency

COVID-19 page

The following is additional information for use by national banks, federal savings associations, federal branches of foreign banks operating in the United States, and their customers: Federal Banking Agencies Encourage Banks to Use Federal Reserve Discount Window

Federal Deposit Insurance Corporation

COVID-19 page

The FDIC is working with federal and state banking agencies, as well as, financial institutions to consider all reasonable and prudent steps to assist customers in communities affected by the Coronavirus (COVID-19). In addition, the agency is monitoring information issued by international and U.S. health organizations. Regulatory agencies have encouraged financial institutions to work with customers impacted by the coronavirus. Customers experiencing difficulties beyond their control should work directly with their financial institutions.

Federal Reserve

Recent updates linked below.

• Federal Reserve issues FOMC statement
• Federal Reserve Actions to Support the Flow of Credit to Households and Businesses
• Coordinated Central Bank Action to Enhance the Provision of U.S. Dollar Liquidity
• Implementation Note issued March 15, 2020
• Transcript of Chair Powell’s opening remarks at press conference

FINRA

FINRA Provides Guidance on Pandemic Preparedness

Trade Organizations

American Bankers Association
COVID-19 page

This page contains a range of resources to assist banks as they prudently plan and prepare for the 2019 novel coronavirus. It will be regularly updated to include the latest situational assessments and guidance from public health officials. It also includes business continuity planning recommendations and other relevant information from financial regulatory agencies as well as guidance on how to communicate with employees, customers and the public.

The American Bankers Association will also host a webinar titled “Managing Coronavirus Operational Risk Department-by-Department: What you need to do today” on March 18, 2020 from 1:00-2:30 p.m. ET. Register here.

LSTA
LOANS & COVID-19: MARKET VS CREDIT IMPACT

News & Media Coverage

• American Banker – Do banks have a role to play in SBA’s coronavirus loan program?
• American Banker – Virus is Dodd-Frank’s first real test
• Wall Street Journal – Biggest U.S. Banks Halt Buybacks to Free Up Capital for Coronavirus
• Wall Street Journal – Fed Cuts Rates to Near Zero and Will Relaunch Bond-Buying Program
• Wall Street Journal – A Day After Fed Takes New Action, Repo Demand Is Still Light
• Columbia Law School Blue Sky Blog – Coronavirus, Systemic Risk, and Lessons from 2008

For help on a specific issue, contact any member of Taft’s COVID-19 Task Force.

Please visit our COVID-19 Toolkit for all of Taft’s updates on the coronavirus.