Getting the Main Street Lending Program facilities up and running is a “top priority” for the Federal Reserve, Vice Chairman for Supervision Randal Quarles said in testimony before the Senate Banking Committee today.
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The financial industry entered the coronavirus pandemic in a position of strength and has continued to support lending to businesses and households throughout the crisis, Federal Reserve Vice Chairman for Supervision Randal Quarles will tell members of the Senate Banking Committee tomorrow.
The nation’s banks “entered the current crisis well positioned to support continued lending” during the pandemic, the Federal Reserve said in its supervision and regulation report released today.
With the coronavirus pandemic continuing to cause significant economic disruptions and sharp spikes in unemployment, the Federal Reserve will maintain the target range for the federal funds rate at 0 to 0.25%.
The Federal Reserve tonight announced several temporary actions—which will take effect upon publication in the Federal Register—to increase the availability of intraday credit extended by the Federal Reserve Banks on both a collateralized and uncollateralized basis.
With the Federal Reserve’s Paycheck Protection Program Liquidity Facility now up and running, officials from the Fed today shared additional details on the program and answered questions during a teleconference with ABA banker leadership.
In a letter to the Federal Reserve Board and the Treasury Department today, Senate Banking Chairman Mike Crapo (R-Idaho) raised a number of outstanding issues with recently announced initiatives to bolster the economy that are currently facing difficulties due to the coronavirus pandemic.
The Federal Reserve announced this morning that its Paycheck Protection Program Liquidity Facility is fully operational and available for institutions to use.
The Federal Reserve is deploying its emergency lending powers to “an unprecedented extent,” Federal Reserve Chairman Jerome Powell said in a speech this morning.
As reported earlier this week, the Federal Reserve is creating a lending facility for banks providing loans under the Paycheck Protection Program.