Coronavirus—Strategic Considerations for Financial Institutions and Their Boards
This White Paper discusses financial institution regulators' responses and requirements with respect to the novel coronavirus (COVID-19) pandemic, together with the planning and actions that financial institutions should consider.
We address the responsibilities of financial institution boards of directors and management to conduct business impact analysis and business continuity planning, and to maintain business resilience and recover from the effects of the pandemic. These include discussions of: employee protection, customers and counterparties, liquidity and capital actions, investors, and regulatory actions and relief.
The regulatory requirements build upon experience gained during the credit crisis, and the goals of the Dodd-Frank Act and the financial institution regulators, to ensure critical financial services during and following a pandemic or similar event of uncertain but potentially long duration.
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