The Federal Financial Institutions Examination Council encouraged financial institutions to ease pressure on borrowers as initial loan accommodations in response to the COVID-19 pandemic near their end.
The U.S. House Financial Services Subcommittee on National Security, International Development and Monetary Policy considered legislative proposals aimed at addressing fraud and cybersecurity vulnerabilities.
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 Federal Reserve Board, FDIC and OCC found that the share and amount of loan commitments (a/k/a "special mention and classified commitments") with the lowest supervisory ratings experienced a slight increase within the last year.
The New York State Department of Financial Services extended the deadline for regulated entities to submit their plans to address the end of LIBOR and the associated risks. The deadline was extended to March 23, 2020.