Federal Bank Regulatory Agencies Issue Interim Final Rule for Money Market Liquidity Facility
To support the flow of credit to households and businesses, the federal bank regulatory agencies today announced an interim final rule to ensure that financial institutions will be able to effectively use a liquidity facility recently launched by the Federal Reserve Board. The Board launched the Money Market Mutual Fund Liquidity Facility, or MMLF, yesterday…
FDIC: Insured Bank Deposits Are Safe; Beware of Potential Scams Using the FDIC’s Name
In light of recent developments related to the coronavirus, the Federal Deposit Insurance Corporation (FDIC) is reminding Americans that FDIC-insured banks remain the safest place to keep their money. The FDIC is also warning consumers of recent scams where imposters are pretending to be agency representatives to perpetrate fraudulent schemes. Since 1933, no depositor has…
Federal Banking Agencies Provide Banks Additional Flexibility to Support Households and Businesses
The federal bank regulatory agencies today announced two actions to support the U.S. economy and allow banks to continue lending to households and businesses. They are: A statement encouraging banks to use their resources to support households and businesses; and A technical change to phase in, as intended, the automatic distribution restrictions gradually if a…
FDIC: Steps Announced to Protect Banks and Consumers and to Continue Operations
Given ongoing developments related to the coronavirus, the FDIC today announced the following steps to ensure the health and safety of its workforce and the continuity of its operations: Consistent with recent guidance from the Office of Management and Budget, and out of concern for the health of staff that would have been required to participate…
Federal Banking Agencies Encourage Banks to Use Federal Reserve Discount Window
The federal bank regulatory agencies today released a statement encouraging banks to use the Federal Reserve’s “discount window” so that they can continue supporting households and businesses. The discount window provides short-term loans to banks and plays an important role in supporting the liquidity and stability of the banking system. By providing ready access to…
Agencies Encourage Financial Institutions to Meet Financial Needs of Customers and Members Affected by Coronavirus
Federal financial institution regulators and state regulators today encouraged financial institutions to meet the financial needs of customers and members affected by the coronavirus. The agencies recognize the potential impact of the coronavirus on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision….
FFIEC: Updated Guidance on Pandemic Planning Issued
The Federal Financial Institutions Examination Council (FFIEC) today updated guidance identifying actions that financial institutions should take to minimize the potential adverse effects of a pandemic. Pandemic preparedness is an important part of a financial institution’s business continuity planning. The guidance provides the Council’s prudent expectations that regulated institutions should periodically review related risk management…
Interagency: 2020 National Interagency Community Reinvestment Conference March 9-12 in Denver Postponed
After careful consideration of the growing public health concerns associated with the coronavirus (COVID-19), the organizing sponsors of the 2020 National Interagency Community Reinvestment Conference (NICRC), scheduled March 9-12 in Denver, Colorado, have made the decision to postpone the conference. The Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit…