The Council’s members met last week to discuss their response to the growing crisis…
An article review.
As the COVID-19 crisis deepens, many industries have been facing delays and disruptions. The FFIEC acknowledged those disruptions in a press release last Wednesday, where they announced a 30-day extension to their quarterly Call Report deadline.
The Council, which met last week to discuss the crisis, says they are actively working to identify appropriate measures to ensure the soundness of the nation’s financial system. In addition to announcing the deadline extension, the press release notes that the nation’s banks and credit unions have “substantial levels of capital and liquidity,” which puts them in a good position to weather the crisis.
Further responses to the pandemic have not been ruled out, as the Council continues to monitor the situation along with state and local officials.
Original article by The Federal Financial Institutions Examination Council.