Federal Reserve Bank of New York Executive Vice President Daleep Singh reviewed the actions taken by the Federal Reserve Board to provide emergency credit and liquidity in order to safeguard the economy during the COVID-19 pandemic.
The Federal Reserve Board found the 2020 Dodd-Frank stress test results demonstrate that, despite suffering substantial losses under a "severely adverse" scenario, large banks " could continue lending to businesses and households."
The Federal Reserve Board, the FDIC, the OCC, the National Credit Union Administration and state financial regulators provided guidance to examiners for assessing the "safety and soundness" of a financial institution during the COVID-19 pandemic.
A Federal Reserve working group, made up of government and payments industry experts, developed a uniform fraud classification system to address fraud involving Automated Clearing House, wire, and check payments.
In testimony before the Senate Banking Committee, Federal Reserve Board Chair Jerome H. Powell and Secretary of the Treasury Steven T. Mnuchin reviewed government actions taken pursuant to the Coronavirus Aid, Relief, and Economic Security Act.
The Federal Reserve Board, the FDIC and the OCC made temporary adjustments to the supplementary leverage ratio calculation for certain depository institutions to enable them to expand lending to households and businesses.
Federal Reserve Board Vice Chair for Supervision Randal K. Quarles and OCC Comptroller Joseph M. Otting described supervisory and regulatory actions to support "consumers, households and businesses" and ongoing efforts to strengthen the banking system.
The Federal Reserve Board, the FDIC, the National Credit Union Administration and the OCC issued final guidance and a related policy statement on financial institutions' credit risk review and accounting for credit loss.
The Fed, the FDIC and the OCC modified the liquidity coverage ratio rule to eliminate the effects on banking organizations for participating in the Money Market Mutual Fund Liquidity Facility and the Paycheck Protection Program Liquidity Facility.
The Federal Reserve Board extended by 18 months the initial compliance date for a final rule imposing single-counterparty credit limits for bank holding companies and certain foreign banking organizations.