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FRB Vice President of Supervision Quarles Plans to Incorporate Response to Coronavirus into Stress Tests

Federal Reserve Board ("FRB") Vice Chair of Supervision Randal Quarles stated that financial institutions' performance and response to the coronavirus pandemic will be incorporated into ongoing 2020 stress tests.

According to the American Bankers' Association Banking Journal, Mr. Quarles expressed in a statement that financial institutions are going through "an actual stress currently" due to the economic fallout of the coronavirus pandemic. He also emphasized the importance of the FRB analyzing how financial institutions' portfolios react to real current events.

Primary Sources

  1. ABA Banking Journal Press Release: Quarles, Fed to Consider Performance Through Pandemic in Stress Tests

Tags

Regulated Activities
Stress Testing Business Continuity
Sub-Activity
Coronavirus
Regulated Entities
Banking Entities Banking Organizations
Body of Law
Banking Law
Jurisdiction
US - Federal
Organization
US Banking Regulators
Sub-Author
Federal Reserve Board