Browsing: Coronavirus


In a comment letter to the FDIC today, ABA welcomed a recent interim final rule granting temporary relief for certain banks from auditing, internal control and audit committee requirements that would have resulted from the rapid inflow of assets and deposits from the coronavirus pandemic.


In a letter to Treasury Secretary Steven Mnuchin late Friday, Federal Reserve Chairman Jerome Powell said his agency would “work out arrangements . . . for returning the unused portions of the funds allocated to the CARES Act facilities in connection with their year-end termination.”


With several emergency credit facilities created to respond to the COVID-19 emergency scheduled to wind down by year’s end, Treasury Secretary Steven Mnuchin today asked the Federal Reserve to return unused funds in several facilities to the Treasury.


The turmoil observed in global financial markets earlier this spring during the COVID-19 pandemic highlighted the need to “strengthen the resilience in the [nonbank financial intermediation] sector,” according to a new report from the Financial Stability Board today.

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