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, 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.
A diverse group of commercial and financial trade associations urged the Federal Reserve Board to provide guidance on the recently implemented Paycheck Protection Program and other lending facilities established under the Coronavirus Aid, Relief and Economic Security Act.
The OCC, Federal Reserve Board and FDIC joint interim final rule intended too neutralize the regulatory capital effects of participating in the Paycheck Protection Program Lending Facility for financial institutions was published in the Federal Register.
The OCC, Federal Reserve Board and FDIC adopted an interim final rule that will neutralize the regulatory capital effects of participating in the Paycheck Protection Program Lending Facility for financial institutions.
To facilitate the flow of credit to the economy, the Federal Reserve Board established two new "Main Street" loan facilities to provide approximately $2.3 trillion in loans to small- and medium-sized businesses.