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How severe a financial hit New York City will take during the COVID-19 pandemic is as much of an unknown as the degree of virus spread.

If banks are unable to weather the economic fallout from the outbreak, calls for more dramatic reforms could get louder.

Cash use will suffer because of this outbreak, and there are factors other than germs contributing to this trend. A growing work-from-home workforce will funnel more shoppers into digital channels, including ones they may have never tried before.

No-interest loans and overdraft forgiveness are among the lifelines banks are offering to consumers and small businesses whose livelihoods are being upended by the economic fallout.

Increased refinancing volume led Fannie Mae to raise its 2020 estimate by $300 billion and 2021 projection by $280 billion.

Not so long after Treasury bond yields experienced an unprecedented drop, the average 30-year mortgage rate rose, reflecting volatility related to the coronavirus as well as capacity issues on multiple levels.

Other Midwest legislatures are canceling sessions or weighing early spring breaks to slow the spread of COVID-19.

Career veterans call fallout from COVID-19 concerns on the municipal market worse than that of 9/11 and the 2008 financial crisis combined.

Sen. Sherrod Brown of Ohio, the top Democrat on the Banking Committee, said financial institutions "need to be investing in their communities right now, not investing in their CEOs’ stock portfolios.”

With a state budget deadline on the horizon, NY Gov. Andrew Cuomo is requesting revised revenue estimates that factor in the economic realities of fast-spreading virus.