Vedder Price Coronavirus Task Force
Resources for Financial Institutions
The developing COVID-19 pandemic has already had a significant effect on the business and operations of financial institutions on a global scale. As central banks and federal and state banking regulators continue to react to the crisis and issue updated guidance, financial institutions are seeking to develop and implement strategies to mitigate the effects of the pandemic on their business.
Vedder Price’s Financial Institutions Group has engaged in numerous discussions with banks on various strategies and considerations that are being reviewed or implemented during this uncertain time. This page has been set up to help financial institutions stay current with the myriad legal considerations associated with the pandemic. As regulators issue further guidance, and new developments take shape, we will update this list with our latest client bulletins and links to the most current external resources.
Related Vedder Thinking:
May 26, 2020 | Publication
UPDATE: SBA Issues Interim Final Rules Concerning Loan Forgiveness and Loan Review Procedures
May 19, 2020 | Newsletter/Bulletin
SBA Issues PPP Loan Forgiveness Application
April 27, 2020 | Newsletter/Bulletin
Board Oversight in the Age of COVID-19: Part Six
April 20, 2020 | Newsletter/Bulletin
Board Oversight in the Age of COVID-19: Part Five
April 13, 2020 | Newsletter/Bulletin
Board Oversight in the Age of COVID-19: Part Four
April 11, 2020 | Newsletter/Bulletin
The Federal Reserve Provides Liquidity to Banks Participating in the Paycheck Protection Program
April 9, 2020 | Newsletter/Bulletin
Paycheck Protection Program Loans May Be Excluded from a Bank’s Regulatory Capital Ratios
April 8, 2020 | Newsletter/Bulletin
COVID-19 FINRA Guidance and Regulatory Relief
April 8, 2020 | Newsletter/Bulletin
CARES Act Provisions Affecting the Asset Management Industry
April 7, 2020 | Newsletter/Bulletin
Board Oversight in the Age of COVID-19: Part Three
April 7, 2020 | Newsletter/Bulletin
Temporary Regulatory Relief: Community Bank Leverage Ratio Set At 8%
April 4, 2020 | Newsletter/Bulletin
Interim Rule Issued – Paycheck Protection Program
April 3, 2020 | Newsletter/Bulletin
CARES Act Provisions Affecting Employee Benefit Plans
March 31, 2020 | Newsletter/Bulletin
Board Oversight in the Age of COVID-19: Part Two
March 31, 2020 | Newsletter/Bulletin
Business Considerations: CARES Act Corporate Governance, Compensation and Employee-Related Obligations
March 28, 2020 | Newsletter/Bulletin
Key Tax Provisions Affecting Businesses Contained in the CARES Act
March 28, 2020 | Newsletter/Bulletin
The CARES Act: What Does It Mean for Financial Institutions?
March 25, 2020 | Newsletter/Bulletin
Federal Reserve Suspends Regulatory Examination Activity for Banks with Total Consolidated Assets Under $100 Billion
March 25, 2020 | Newsletter/Bulletin
COVID-19 and MAC in Financing Agreements
March 24, 2020 | Publication
Vedder Price Financial Institutions Attorneys Co-Author Article on the Impact of COVID-19 on Banks in Bank Director
March 23, 2020 | Newsletter/Bulletin
Board Oversight of COVID-19 Related Matters
March 23, 2020 | Newsletter/Bulletin
COVID-19, “Force Majeure” Clauses and Contractual Nonperformance
March 19, 2020 | Newsletter/Bulletin
Coronavirus Update: Strategies and Considerations for Financial Institutions
March 20, 2020 | Newsletter/Bulletin
Conducting Layoffs and Furloughs Resulting From COVID-19 Business Impact
March 19, 2020 | Newsletter/Bulletin
Emergency Paid Sick Leave Enacted
March 16, 2020 | Newsletter/Bulletin
House Acts to Protect Employees Affected by COVID-19
March 6, 2020 | Newsletter/Bulletin
Preparing Your Workplace to Address Coronavirus Risks: FAQs for Employers
March 5, 2020 | Newsletter/Bulletin
Coronavirus Considerations for Financial Institutions
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Important External Resources:
Interagency Statements/Joint Releases of the Federal Bank Regulators
- Federal bank regulatory agencies modify liquidity coverage ratio for banks participating in Money Market Mutual Fund Liquidity Facility and Paycheck Protection Program Liquidity Facility (May 5, 2020)
- Federal Banking Agencies to Defer Appraisals and Evaluations for Real Estate Transactions Affected by COVID-19 (April 14, 2020)
- Federal Bank Regulators Issue Interim Final Rule for Paycheck Protection Program Facility (April 9, 2020)
- Agencies Issue Revised Interagency Statement on Loan Modifications by Financial Institutions Working with Customers Affected by the Coronavirus (April 7, 2020)
- Agencies Announce Changes to the Community Bank Leverage Ratio (April 6, 2020)
- Joint Statement on the Interaction of the CECL Revised Transition Interim Final Rule with Section 4014 of the Coronavirus Aid, Relief, and Economic Security Act (March 31, 2020)
- Loan Modifications by Financial Institutions Working with Customers Affected by the Coronavirus (March 22, 2020)
- Agencies Provide Additional Information to Encourage Financial Institutions to Work with Borrowers Affected by COVID-19 (March 22, 2020)
- CRA Consideration for Activities in Response to the COVID-19 (March 19, 2020)
- Questions and Answers Regarding Statement About the Use of Capital and Liquidity Buffers (March 19, 2020)
- Federal Bank Regulatory Agencies Issue Interim Final Rule for Money Market Liquidity Facility (March 19, 2020)
- Federal Banking Agencies Provide Banks Additional Flexibility to Support Households and Businesses (March 17, 2020)
- Consolidated Reports of Condition and Income: Supplemental Instructions for Nonaccrual Treatment of Purchased Credit-Deteriorated Assets (March 16, 2020)
- Federal Banking Agencies Encourage Banks to Use Federal Reserve Discount Window (March 16, 2020)
- Agencies Encourage Financial Institutions to Meet Financial Needs of Customers and Members Affected by Coronavirus (March 9, 2020)
- Federal Financial Institutions Examination Council – Highlights Pandemic Preparedness Guidance (March 6, 2020)
Board of Governors of the Federal Reserve System
- Coronavirus Disease 2019 Resources
- Federal Reserve expands access to its Paycheck Protection Program Liquidity Facility (PPPLF) to additional lenders, and expands the collateral that can be pledged (April 30, 2020)
- Federal Reserve Board announces it is expanding the scope and eligibility for the Main Street Lending Program (April 30, 2020)
- Federal Reserve announces it is working to expand access to its Paycheck Protection Program Liquidity Facility (PPPLF) for additional SBA-qualified lenders as soon as possible (April 23, 2020)
- Federal Reserve announces its Paycheck Protection Program Liquidity Facility is fully operational and available to provide liquidity to eligible financial institutions (April 16, 2020)
- Federal Reserve Takes Additional Actions to Provide up to $2.3 Trillion in Loans to Support The Economy (April 9, 2020)
Federal Deposit Insurance Corporation
- Coronavirus (COVID-19) Information for Bankers and Consumers
- Frequently Asked Questions for Financial Institutions (May 7, 2020)
- FDIC Updates Steps to Protect Banks and Consumers and to Continue Operations (March 27, 2020)
- FDIC Chairman Urges FASB to Delay Certain Accounting Rules Amid Pandemic (March 19, 2020)
- FIL-17-2020 – Regulatory Relief - Working with Customers Affected by the Coronavirus (March 13, 2020)
Office of the Comptroller of the Currency
- COVID-19 Information Page
- Corporate Governance: Annual Meetings and the COVID-19 Emergency (May 12, 2020)
- Pandemic Planning: Working With Customers Affected by Coronavirus and Regulatory Assistance (March 13, 2020)
- Agencies Encourage Financial Institutions to Meet Financial Needs of Customers and Members Affected by Coronavirus (March 9, 2020)
Consumer Financial Protection Bureau
- Protecting your finances during the Coronavirus Pandemic – Resources Page
- Consumer Financial Protection Bureau Issues Clarifications to Support Small Business Applying for PPP Loans (May 6, 2020)
- CFPB Paves Way for Consumers Facing Financial Emergencies to Obtain Access to Mortgage Credit More Quickly (April 29, 2020)
- CFPB and FHFA Announce Borrower Protection Program (April 15, 2020)
Federal Housing Finance Agency
- FHFA Announces that Enterprises will Purchase Qualified Loans in Forbearance to Keep Lending Flowing (April 21, 2020)
- FHFA Suspends Foreclosures and Evictions for Enterprise-Backed Mortgages (March 18, 2020)
State of Illinois
Illinois Department of Financial and Professional Regulation
- IDFPR, Banks and Advocacy Groups Work Together to Provide Help in Cashing Stimulus Checks During the COVID-19 Pandemic (May 1, 2020)
- Governor Pritzker Announces Expansion of Payment Relief for Student Loan Borrowers (April 21, 2020)
- Pritzker Administration to Allow Remote Notarization During the COVID-19 Pandemic (April 8, 2020)
- Guidance to Illinois Banks and Credit Unions Regarding Support for Consumers and Businesses Impacted by COVID-19 (March 30, 2020)
- Guidance to Illinois-Licensed Mortgage Servicers and Exempt Mortgage Servicers Urging Support for Borrowers Impacted by COVID-19, Including 90-Day Forbearance (March 30, 2020)
Securities and Exchange Commission
- SEC Coronavirus (COVID-19) Response
- SEC Announces Ad Hoc Meeting of Small Business Capital Formation Advisory Committee in Response to COVID-19 Challenges Faced By Small Businesses (March 31, 2019)
- SEC Extends Conditional Exemptions From Reporting and Proxy Delivery Requirements for Public Companies, Funds, and Investment Advisers Affected By Coronavirus Disease 2019 (COVID-19) (March 25, 2020)
- SEC Staff Provides Guidance to Promote Continued Shareholder Engagement, Including at Virtual Annual Meetings, for Companies and Funds Affected by COVID-19 (March 13, 2020)
- SEC Provides Conditional Regulatory Relief and Assistance for Companies Affected by the Coronavirus Disease 2019 (COVID-19) (March 4, 2020)
New York Stock Exchange/Intercontinental Exchange
- COVID-19: Preparedness and Market Navigation
- U.S. Equity Market Resiliency During Times of Extreme Volatility
NASDAQ
Juan M. Arciniegas
Shareholder
James M. Kane
Shareholder
Jennifer Durham King
Shareholder
Daniel C. McKay, II
Shareholder
James W. Morrissey
Shareholder
Mark C. Svalina
Associate
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Vedder Thinking
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December 30, 2020 | Newsletter/Bulletin
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October 2020 | Newsletter/Bulletin
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May 26, 2020 | Publication
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May 19, 2020 | Newsletter/Bulletin
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April 27, 2020 | Newsletter/Bulletin
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April 20, 2020 | Newsletter/Bulletin
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April 13, 2020 | Newsletter/Bulletin
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April 11, 2020 | Newsletter/Bulletin
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April 9, 2020 | Newsletter/Bulletin
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April 8, 2020 | Newsletter/Bulletin
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April 7, 2020 | Newsletter/Bulletin
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April 7, 2020 | Newsletter/Bulletin
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April 7, 2020 | Newsletter/Bulletin
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April 4, 2020 | Newsletter/Bulletin
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April 3, 2020 | Newsletter/Bulletin
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March 31, 2020 | Newsletter/Bulletin
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March 31, 2020 | Newsletter/Bulletin
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March 28, 2020 | Newsletter/Bulletin
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March 28, 2020 | Newsletter/Bulletin
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March 25, 2020 | Newsletter/Bulletin
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March 25, 2020 | Newsletter/Bulletin
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March 24, 2020 | Publication
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March 23, 2020 | Newsletter/Bulletin
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March 23, 2020 | Newsletter/Bulletin
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March 17, 2020 | Newsletter/Bulletin
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March 16, 2020 | Newsletter/Bulletin
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March 16, 2020 | Webinar
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March 5, 2020 | Newsletter/Bulletin
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