Banking Regulators Vow To Support Financial Institutions In US

A coalition of six banking regulators announced Monday that it would support financial institutions if they are impacted by the coronavirus.

The statement came from the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency and the Conference of State Bank Supervisors.

“The agencies understand that many financial institutions may face current staffing and other challenges,” the agencies said in a statement. “In cases in which operational challenges persist, regulators will expedite, as appropriate, any request to provide more convenient availability of services in affected communities. The regulators also will work with affected financial institutions in scheduling examinations or inspections to minimize disruption and burden.”

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Additionally, the group of regulators encouraged banks to meet the financial needs of customers and members affected by the coronavirus.

The agencies recognize the potential impact of the coronavirus on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision,” they said.

As of Monday night, Johns Hopkins reported more than 600 confirmed cases in the United States – and more than 113,000 worldwide.