Business continuity plans should be used constantly, not just when the crisis is at its peak, says the New York Fed’s head of financial services.
The acting head of the agency says it cannot continue relying on web-based exams put in place during the coronavirus and will start sending staff into banks.
Banks would be wise to dust off their Great Recession playbook and shed nonperforming loans while growing through M&A.
Banks tend to pull back in times of crisis by tightening credit and focusing on collections efforts. But consumers, and not returns, must be the focus during the coronavirus pandemic.
The Securities and Exchange Commission recently voted to exempt many smaller public companies from the Sarbanes-Oxley requirement for auditor attestations of their internal controls over financial reporting, but many companies have been able to bypass those audits anyway.
Only a firm “actively swindling funds” would trigger an onsite visit, according to Peter Driscoll.
The Ohio Democrat argued that the public wouldn't be able to meaningfully provide feedback on rules given the stressful circumstances related to the outbreak.
The National Credit Union Administration also ordered its own employees to work from home until at least the end of March.
As the health crisis upends the United States, credit union trade groups have called for lawmakers and regulators to provide relief for institutions dealing with the pandemic's impact.