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.
FinCEN alerted financial institutions to indicators of COVID-19-related cybercrime. The alert concerns (i) the exploitation of remote platforms, particularly against financial and healthcare systems, (ii) phishing, malware and extortion schemes, and (iii) business email compromise fraud.
At a hearing titled "Protecting Homeowners during the Pandemic: Oversight of Mortgage Servicers' Implementation of the CARES Act," the House Financial Services Subcommittee on Oversight and Investigations considered CARES Act mortgage servicer implementation issues and economic inequity.
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.
The results of a new survey concerning the implication of market volatility on the transition from LIBOR showed that participants are progressing on "operation[s], risk, infrastructure, systems re-tooling, interactions with critical third parties, [and] meeting governance guidelines."
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.
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.
In a new staff report on the nexus between central counterparties and clearing member banks, the Bank for International Settlements emphasized the need for central banks to evaluate the two entity types collectively.