Financial regulatory reforms implemented since the last crisis, including the Basel III framework, helped the global financial system absorb shocks related to the COVID-19 pandemic, according to a new report released by the Basel, Switzerland-based Financial Stability Board today.
In the wake of the COVID-19 pandemic, 85% of financial institutions said they have increased digitization efforts, according to a new survey from BAFT, ABA’s global transaction banking subsidiary, and CGI, an independent IT and business consulting firm.
Regulators are exploring additional ways to provide temporary relief to banks that may be approaching regulatory asset thresholds that could trigger additional compliance requirements as a result of participation in COVID-19 relief programs like the Paycheck Protection Program.
Banks “remained well capitalized throughout” the COVID-19 pandemic, even as they absorbed large losses, according to the Federal Reserve’s latest financial stability report released today.
The nation’s banks have been the “shock absorbers” for the real economy as the pandemic causes turmoil in financial markets, the Federal Reserve said in its supervision and regulation report released today.
As he begins his term as chairman of ABA, Jim Edwards said that helping banks lead customers through the pandemic “rises above all else,” but added that ABA has not lost sight of other industry challenges.
The Federal Housing Finance Agency today released its strategic plan for fiscal years 2021-2024.
With time running out before Congress adjourns ahead of the November elections, the American Bankers Association joined nine financial trade associations in a letter urging congressional leaders to immediately pass standalone legislation that would allow for additional funding for the Paycheck Protection Program and streamline the forgiveness process for PPP borrowers.