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.
Office of the Comptroller of Currency
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
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.
Recent updates linked below.
FINRA Provides Guidance on Pandemic Preparedness
American Bankers Association
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.
LOANS & COVID-19: MARKET VS CREDIT IMPACT
News & Media Coverage
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.