Jelena McWilliams explains the agency's decision to enlist the help of tech innovators to modernize a reporting process that the coronavirus epidemic has exposed as outdated.
In the most sweeping capital distribution order since the financial crisis, the Federal Reserve says it will prohibit big banks from buying back their stock in the third quarter and limit dividend payments to second-quarter levels.
As businesses plan for reopening following the coronavirus (COVID-19) pandemic, your firm may be wondering how you can best advise clients on safety and HR-related topics during this time.
Lenders are cautioning not only that second-quarter provisions might exceed the spike seen earlier this year, but also that credit costs could be elevated into 2021 if the economic slowdown drags on or fears of a second coronavirus wave are borne out.
The state's ratings, just one rung above junk, are holding steady after analysts' initial review of a fiscal 2021 budget that pins hopes on future federal relief.
Chairman Patrick Foye said the designation will better position the authority to cope with the revenue loss from the coronavirus pandemic.
Comptroller Kevin Lembo forecast a $620 million fiscal 2020 deficit in his monthly update to Gov. Ned Lamont.
Members of both parties raised concerns that the requirements for participating in the Municipal Liquidity Facility and Main Street Lending Program are too restrictive to benefit smaller localities and certain midsize firms.
An interagency notice meant to encourage lenders to offer small consumer loans also provides federal agencies too much say on what constitutes “reasonable” pricing.
Payouts continue to be relatively generous, but that could change if the Federal Reserve demands banks bolster capital or the economy worsens.