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.
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.
The FDIC proposed a rule change that would reduce the impact of deposit insurance assessments on insured depository institutions participating in the Small Business Administration's Paycheck Protection Program and certain Federal Reserve Board lending facilities.
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 Alternative Reference Rates Committee issued a supplemental consultation on the spread adjustment methodologies to be used in connection with the ARRC's recommended hardwired fallback language for cash products referencing USD LIBOR.
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.