New FRB Paper: Negative rates?  No Worry

Using confidential CCAR data, a new FRB staff paper finds that banks which engage in traditional intermediation or short-term asset funding activities expect adverse profit impact from negative rates, but CCAR banks in general do not foresee problematic consequences


COVID Relief Extended to Deposit Insurance Recordkeeping
Expanding its operational-burden relief in the midst of the pandemic, the FDIC today provided an 18-month exception to IT and general-recordkeeping requirements related to filing deposit-insurance determinations for deposit accounts for certain sole proprietorships.

OCC Provides Illiquid-CIF Redemption Relief
The OCC today issued an interim final rule (IFR) codifying its policy on prior notices related to account withdrawals from collective investment funds (CIFs) with illiquid holdings that is designed to ease strain in the current COVID crisis.

FRB-NY Brief: Banks are Blamed for Some Impediments to Black Small-Business Credit Access
A new Federal Reserve Bank of New York brief today provides additional data reinforcing the disparate impact of the pandemic on Black-owned small businesses and challenges to obtaining PPP loans, blaming part of the problem on structural impediments to obtaining banking services.