The central bank said customers will be able to make more transfers and withdrawals "at a time when financial events associated with the coronavirus pandemic have made such access more urgent."
More details have emerged about the damage the coronavirus pandemic is inflicting on the hospitality industry. One servicer alone has received 2,000 workout requests in the past month.
The central bank and other agencies have come under pressure to be transparent about their use of funds authorized by the recent pandemic rescue law.
Discover and Sallie Mae are the latest to report a surge in forbearance requests as households struggle with job loss and other hardships resulting from the coronavirus pandemic.
Lawmakers should approve a program to distribute stimulus funds using a government-sanctioned coin, which would be speedier than the current system.
The Federal Reserve’s Main Street Lending Program is meant to be a lifeline for midsize businesses, but two weeks after its unveiling, those firms and their lenders remain on edge about what strings will be attached.
The program, created in response to the 2008 financial crisis, generated $19 billion in small-business loans. It could be used as a viable path out of the coronavirus pandemic.
The online lender, reeling from the economic fallout of the coronavirus pandemic, also said it is cutting senior executives' salaries by 25%.
The House is expected to vote later this week on the bill expanding emergency relief for small businesses reeling from the effects of the coronavirus.
The pandemic won’t halt the Cincinnati bank's plan to open about 100 branches in the Southeast, but features could be added to accommodate social distancing.