ABSTRACT

CARES Act (P.L. 116-136): Provisions Designed to Help Banks and Credit Unions [April 7, 2020]   [open pdf - 632KB]

From the Document: "Individuals and businesses have significantly reduced economic activity in response to the coronavirus (COVID-19) outbreak, potentially inflicting unanticipated losses on banks and credit unions and possibly putting them in financial distress. Because these institutions are vital to the functioning of the economy, the government has created 'safety nets' to prevent them from failing and to protect depositors. To reduce the likelihood that these safety nets need to be used, the depository regulators have implemented 'safety and soundness' regulations, which include rules related to banks' lending, capital, and liquidity. Regulators also have the authority to supervise banks, which includes the periodic collection and examination of banks financial information. As part of Congress's response to COVID-19, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) includes four sections--4011, 4012, 4013, and 4014--that temporarily relax some of the regulations banks face."

Report Number:
CRS Insight, IN11318
Author:
Publisher:
Date:
2020-04-07
Series:
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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