In a letter to the OCC yesterday, the American Bankers Association offered support for guidance issued by the agency in March aimed at providing additional flexibility to the rules governing short-term investment funds—bank-managed funds for fiduciary clients that are similar to money market mutual funds.
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.
To facilitate banks’ participation in the Paycheck Protection Program Liquidity Facility and the Money Market Mutual Fund Liquidity Facility, the federal banking agencies issued an interim final rule today that will allow institutions to neutralize the effects of their participation for purposes of the liquidity coverage ratio.
The Federal Reserve today expanded access to its Paycheck Protection Program Liquidity Facility to nonbank lenders and expanded the range of collateral that can be pledged to the PPPLF.
With Congress poised to approve additional funding for the Small Business Administration’s Paycheck Protection Program as early as today, the Federal Housing Finance Agency confirmed today that Federal Home Loan Banks may accept PPP loans as collateral when making advances to their member banks.
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.
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.
The FDIC today issued two sets of frequently asked questions addressing banker and consumer concerns related to the coronavirus pandemic.
To help ease the strain on U.S. dollar funding markets and facilitate the supply of credit to households and businesses, the Federal Reserve today established new temporary U.S. dollar swap lines with nine central banks around the globe.
As part of its policy response to the market turmoil triggered by the coronavirus pandemic, the Federal Reserve overnight announced a new Money Market Mutual Fund Liquidity Facility, or MMLF.