Browsing: Economy
ABA Data Bank: FDIC Insurance Fund at Record-High Balance
Since 2007, banks have more than doubled the balance of the FDIC insurance fund that protects deposits to a record $110.3 billion.
Senate Clears Massive Coronavirus Stimulus to Support Economic Growth
The Senate unanimously passed a sweeping $2 trillion stimulus package to provide relief to American consumers and businesses struggling as a result of the coronavirus pandemic.
Fed Expands Stimulus Measures, QE; Will Support Corporate Credit
In its most sweeping move yet to prop up the U.S. economy amid the coronavirus pandemic and public health response, the Federal Reserve this morning unveiled several new facilities to support the flow of up to $300 billion in financing to households and businesses and committed to quantitative easing “in amounts needed” to support market functioning.
ABA, Financial Groups Ask SEC to Exercise Authority with CECL Delay
Amid the growing economic fallout from the coronavirus pandemic and public health response, ABA and several other financial trade groups urged the Securities and Exchange Commission to use its statutory authority over public company accounting rules to delay implementation of the Current Expected Credit Loss approach.
McWilliams Calls on FASB to Offer CECL Postponement
In light of the sudden and significant economic changes wrought by the coronavirus pandemic and public health response, FDIC Chairman Jelena McWilliams today asked the Financial Accounting Standards Board to allow banks that have begun implementing Current Expected Credit Loss methodology to postpone it, as well as to impose a CECL moratorium for banks not yet required to implement it.
Podcast: A Community Bank Coronavirus Playbook
Amid the global coronavirus pandemic—and a massive response by policymakers—how can community banks best meet customer and employee needs while managing their balance sheets and loan portfolios?
Fed Unveils New Commercial Paper, Primary Dealer Credit Facilities
To help ensure the continued flow of credit to households and businesses and support smooth market functioning, the Federal Reserve yesterday announced that it will establish new facilities for commercial paper funding and primary dealer credit using its authority under Section 13(3) of the Dodd-Frank Act.
Fed Drops Rates to Zero, Announces Further Actions to Support Economy
Noting that U.S. banking firms “have built up substantial levels of capital and liquidity in excess of regulatory minimums and buffers,” the Fed also encouraged banks to use their capital and liquidity buffers to lend to coronavirus-affected borrowers.
ABA Data Bank: Amid Turmoil, Banking Industry Has Record Capital Levels
Having increased total equity capital by nearly $800 billion since the financial crisis, banks are healthy and ready to continue supporting consumers and small businesses during this time of uncertainty.