The Federal Reserve Board reported on the strength of the banking system and the economic impact of the pandemic on borrowers.
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FINRA proposed a rule change that would allow member firms to complete their inspection obligations remotely through calendar year 2021.
The Federal Reserve Board, the FDIC and the OCC encouraged banks to begin transitioning loans away from LIBOR "without delay," and reiterated that they are not endorsing a specific replacement rate for LIBOR for loans.
The CFPB issued a no-action letter to Bank of America stating that the agency would not take enforcement action against the bank in connection with a small-dollar lending program.
In a newly issued FAQ, SEC staff clarified business, legal proceedings, and risk factor disclosures under recently adopted amendments to public company reporting requirements.