Banking systems, the impact of covid19, and communities of color. This runs an hour and 45 minutes. Today we welcome the regulators, the comptroller of the currency, brian brooks. The federal deposit insurance corporation, jelena rodney hood. Since the passage of the coronavirus aid relief and Economic Security act or cares act of your agencies have taken many meaningful steps to mitigate the meaningful impact of the pandemic and provide conditions that will lead to a forceful recovery. On october 30, the Federal Reserve announced changes to its main Street Lending facility including decreasing the minimum loan size for priority loan facilities from 250,000 to 100,000, and allowing borrowers loan for theirpp outstanding debt. Your agency should continue to carefully review the regulatory and supervisory frameworks, adjusting where necessary to bolster Financial Institutions to support economic recovery, which, by the way, has shown positive signs over the past several months. On octobe
Minutes. This runs an hour and 45 minutes. Sen. Crapo today, we welcome the regulators, the comptroller of the currency, brian brooks. Chair of the federal deposit insurance corporation, Jelena Mcwilliams, and rodney hood. We will receive testimony from each agency on efforts and plans since you last testified before the committee. Since the passage of the coronavirus aid relief and Economic Security act, or cares act, your agencies have taken many meaningful steps to mitigate the Economic Impact of the pandemic and provide conditions that will lead to a forceful recovery. Lead to a forceful recovery. On october 30, the Federal Reserve announced changes to its main Street Lending facility on october 30, the Federal Reserve announced changes to its main Street Lending facility including decreasing the minimum loan size for priority loan facilities from 250,000 to 100,000, and allowing borrowers to deduct any ppp loan for their outstanding debt. Loan for their ppp outstanding debt. Your
Experiencing unprecedented declines in activity. Although the remains considerable uncertainty about the economy, we know that the Banking System has served as a source of strength throughout this period. They have supported their customers and committees by pppinating 500 million in loans. The Banking Systems ability to support the economy reflects the Industries Strong capital and liquidity position. In the Second Quarter of 2020, Equity Capital increased to more than 2. 1 trillion, which 13. 4 . Ted to highervels were slightly than the quarter preceding the pandemic. Taken meaningful action to provide banks while maintaining safety and soundness. I will provide an update in five areas in which we have made significant progress. Supporting communities in need, encouraging outstanding loan making. I would like to briefly touch on each of those, starting with our response to the Economic Risks related to covid19. We undertook a series of actions that helped maintain stability in financ
Walton, present. Mr. President , you have quorum. Thank you madam clerk. Colleagues, can we have a motion to excuse supervisor ronan . Made by supervisor walton and second by supervisor melgar and we take that without objection. Supervisor ronan is excused. San francisco board of supervisors we acknowledge that we are on the unceded ancestral homeland of the Ramaytush Ohlone who are the original inhabitants of the San Francisco peninsula. As the indigenous stewards of this land and in accordance with their traditions, the Ramaytush Ohlone have never ceded, lost nor forgotten their responsibilities as the caretakers of this place, as well as for all peoples who reside in their traditional territory. As guests, we recognize that we benefit from living and working on their traditional homeland. We wish to pay our respects by acknowledging the ancestors and relatives of the ramaytush community and by affirming their sovereign rights as first peoples. Colleagues, please join me in the pledg
Peskin, present. Preston, present. Ronan, not present. Safai, present. Stefani, present. Walton, present. Mr. President , you have quorum. Thank you madam clerk. Colleagues, can we have a motion to excuse supervisor ronan . Made by supervisor walton and second by supervisor melgar and we take that without objection. Supervisor ronan is excused. San francisco board of supervisors we acknowledge that we are on the unceded ancestral homeland of the Ramaytush Ohlone who are the original inhabitants of the San Francisco peninsula. As the indigenous stewards of this land and in accordance with their traditions, the Ramaytush Ohlone have never ceded, lost nor forgotten their responsibilities as the caretakers of this place, as well as for all peoples who reside in their traditional territory. As guests, we recognize that we benefit from living and working on their traditional homeland. We wish to pay our respects by acknowledging the ancestors and relatives of the ramaytush community and by a