The Federal Open Market Committee cut the fed funds rate target 50 basis points to a range between 1% and 1.25%, it announced Tuesday.
Policymakers could recommend banks establish backup facilities and the Federal Reserve could stand ready with emergency loans to limit economic shock waves.
The Massachusetts senator and presidential candidate sent a letter to CEOs of five of the largest U.S. banks asking about their response to the outbreak.
The Federal Reserve is monitoring the COVID-19 issue and its economic effects, according to a release from the central bank, attributed to Chairman Jerome Powell, released Friday.
JPMorgan would consider buying other businesses; collectors would be allowed to pursue debt past the statute of limitations, if they warn borrowers.
While the deadly virus threatens to harm the world economy, the funds have remained popular as the Fed signals low rates for the foreseeable future.
As officials prepare plans for the government-sponsored enterprises' exit from conservatorship, there's no shortage of speculation about what those plans might look like and how they might affect the mortgage industry.
Despite improvements in the proportion of consumers without a bank account, there is still work to do to bring more Americans into the banking system, argues FDIC Chairman Jelena McWilliams.