Let me first say want to thank the chairwoman and ranked member mchenry and my colleagues and Ranking Members of the subcommittee and all my other colleagues for their participation in todays discussion on the update for prudential regulators that this is a timely amid the health care and economic devastation of the covid19 pandemic. In queens and other parts of new york city theyve been very hard hit. Plaintiffs suffered more cases more death than most states in the country. When amid the health care crises millions have lost their jobs and lost income compound in the Economic Impact but thanks to the doddfrank wall street reform and their implementation in the decades that followed the financial crisis the Banking Sector has emerged in a bright spot to buffer the initial impact of the crises and restructured mortgages and loans. I have had serious concerns about the implementation of the program in the road some of the banks in privatizing small distances and minority come into that thanks to the hard work of chairwoman waters in chairwoman velazquez the ppp program that seems to appear address the latest installment. I have concerns on how long the banks and Credit Unions can endure the Current Crisis. That last into the fall or even into next year the capacity of the smallest banks to overcome the challenges of this crisis. I hope to hear from the ncua about the portfolio by the new york delegation and i think you would make it harder to impact taxi drivers who are our relaying from the pandemic. It is my pleasure now to yield to mr. Luetkemeyer. Thank you greg and first at like to thank the attendees for being here today and for your tireless efforts over the last humans to help the American People respond to the covid19 crisis. While todays roundtable is not a lesson here is my hope we can have a meaningful discussion on the steps regulators have taken to examine what further steps must be taken to ensure the health of the American Economy to congress and mr. Tett taken drastic measures in responding to an economic crisis coronavirus has presented. Congress has passed for packages that are delivered muchneeded funding to hospitals and Health Care Providers state and local Government Small Business and the American People. The cares that contains numerous provisions to better serve customers. Regulators have been providing needed forbearance and flexibility from Financial Institutions and liquidity to investors and key Credit Partners particular needs a pr provision contained in the cares act would allow institutions to work with customers and restructure their loans without the negative accounting classification. Addition the regulars have stated they will not pay punitive for working with customers through despite this progress i remain concerned about the assets that have been impaired by coronavirus. The cares act provides relief until the end of the year or the Emergency Declaration its clear in Many Industries continue to suffer and as we adjust to the new economic climate regulators will look at it is not accounting an examination by the coronavirus. Specifically for period to use examiners should provide conference on all phones and leases impaired by coronavirus and those should be exempt to county classifications. This will allow institutions the certainty they need to work with customers and get them back to economic health. Regulators work with finance institutions to ensure they can provide customers with forbearance to get through this crisis and we look forward to discussing this and many other issues with you and issues with you and with that i yield back. Thank you. Thank you mr. Luetkemeyer. Now id like to chairwoman maxine waters. See neck thank you chairman meese. Chairman meeks. Welcome to the virtual roundtable. Thank you membership henry and for working with me on these cases. As the nation faces this crisis in which 1. 3 million americans have then infect it with covid19 and more than 28,000 americans have lost their lives its imperative that congress and their regulators and congress start with unyielding focus and energy. Yesterday Speaker Pelosi introduced the heroes act which would add an additional 3 trillion for relief including two were renters and homeowners and Small Businesses. Our financial regulators will do their part to encourage Financial Institutions to help their customers. Protections for consumers small as this is and communities of color. Its unrelated to covid19. We all must take action to respond to this crisis and help those in harms way. It is not acceptable to use this crisis as an excuse for financial deregulation. Thank you. Thank you madam chairwoman. I now recognize mr. Mchenry the Ranking Member of these Financial Services committee. Thank you chairman meeks and i want to thank chairwoman waters and her staff for the work that they have put in to bring out these virtual roundtables in such a professional and thoughtful way. And i hope this can be a model for the rest of congress on how we can collect information for policymaking and get proper input given the nature of the virus that where trying to social distance in and get over the consequences of. Thank you chairman and waters and thank you to the democratic staff in the republican staff that work so hard together to achieve this bipartisan outcome. Thank you for taking your time and i know its quite crucial you stay focused on the task at hand and its an economic crisis. Its about our interest to ensure does morph into any other form of crisis. To that end i think its important you all stay focused on your job of the agenda that you set forward and ensure they are properly regulated and we address regulations that are in the Current Crisis crisis that lets ensure that levelheadedness and working through this crisis and working with congress continues. Thank you for taking the time and thank you for the work you are doing and i hope you will continue to take an aggressive look at regulations that dont fit the current challenges we are facing in the country. With that, my time is up. Thank you mr. Ranking member. I would now like to welcome our panelists and thank each of them for joining us today. First at like to welcome the chairman of the national mr. Hood the 11th ncua chairman and Board Chairman mr. Hood is a devoted member. He also represents the ncua from the federal Financial Institution examination councilman financial and banking information at the start or committee. It merely prior to joining the ncua mr. Had served as a Corporate Responsibility with morgan chase with nonprofit organizations and financial regulators and Community Stakeholders to promote prosperity and underserved communities around the united states. His previous experience includes serving as associate administrator at the u. S. Department of agriculture and in this role he hopes and draft the Housing Needs of rural committees and 43 billiondollar mr. Hood you are recognized for introductory remarks. Semi chairman meeks Ranking Member luetkemeyer chairwoman waters and Ranking Member mchenry and members thank you for the opportunity to discuss the efforts to maintain a safe and sound Credit Union System during a rapidly involving covid19 emergency. The ncua is implemented affecting Credit Unions but the ncua help the Credit Union System successfully navigate the last financial crisis that proved vital in addressing the continue to Credit Unions. The ncua is working with the f. Eight to provide Credit Unions with guidance and resources so they can fully participate in the paycheck protection probe rampage last week i spoke to an nba credit Union Mississippi who made 1000 ppp loans had an average of 13,000. Including one for black colleges. This is just one example that pit mice is the Credit Unions of people helping people at this time. The cares act gives temporary relief of the implementation of methodology pretty sure it concerned to place a burden on credit units that will have a Chilling Effect on future lending thats why of encouraged to you consider providing Credit Unions a permanent extension. The board is providing appropriate measures of regulatory relief to ensure the Credit Unions are personal and equipped so they can continue to serve the 120 million. Credit unions supported the industry in new york city. The ncua completed the sale of a majority of its battalion loam port folio that demonstrate a history of working practically with. It strikes accounts which they minimize losses to have the Insurance Fund and reducing market volatility. In conclusion the ncua has responses decisively to the needs of Credit Unions during the pandemic in fulfilling its Critical Mission of protecting the safety safety of the 5200 or do we oversee. I would like to thank the nt way into 41 employees for their unwavering dedication in the mission. Each and every day they put forth their best efforts to protect an aging system. Ladies and gentlemen thank you for the opportunity to up here before you today. I pray they used your family and staff remain healthy and safe. I look forward to any questions you may have. Thank you. Next effect introduce the honorable governor max williams at the federal deposit insurance corporation. He currently serves as the 21st knott. Previously she was executive Vice President chief officer and corporate secretary of the dash bank in cincinnati ohio. Prior to joining she served the senate and most recently as the chief counsel to staff director from the Senate Committee on banking housing and urban affairs. Previously as assistant chief counsel to assist Small Business and under partnership committee. From 2007 to 2010 she served as a return to the Federal Reserve board. Mcwilliams has three minutes. Thank you very much for a chairman meeks Ranking Member luetkemeyer chairwoman waters Ranking Member mchenry and members of the subcommittee and staff thank you for the opportunity to participate today. I hope that you and your families and staff are able to do the nations work at this time. When it comes to the covid19 pandemic with taking swift Decisive Action to maintain stability in the nations financial system. We have taken action to encourage banks to work with customers and committees increase flexibility for banks to meet the needs of their customers offer Small Business lending and actively monitor the financial system. The brunt of this Economic Impact is the hardest and individual consumers independent contractors lowincome are worse and hourly workers. The fdic remains mindful of those in our community for the most vulnerable because the pandemic and are an economic shock. Particularly those on fixed incomes. As part of our we have contacted all banking commissioners. A number of members of Congress Reached out to consumer groups and maintained regular contact with people of Community Banks. These engagements have helped us better understand this specific challenges of banks across the nation and particularly in rural committees. While the fdic does not have a open rulemaking at this time we continue to focus our efforts on modernizing the financial system. We are focusing on key issues. We are prioritizing roles that are necessary [inaudible] we are actively engaged with regulators as we assess how to proceed on interagency rulemaking. We continue our vital work. Dedicated employees of the tic continue to fulfill the agencies Critical Mission for their employees are working tirelessly to maintain stability and Public Confidence in the national system. I could not be more proud of their efforts and the mission of via tic. Thank you again for the opportunity to participate today and i look forward to questions. Thank you. Thank you. Next id like to introduce the honorable joseph ott can troller of currency. He was sworn in as 31st control of the currency in 2017. As comptroller he serves as the rector of a member of the Financial Oversight Council met federal Financial Institutions in the counties prepare to becoming comptroller he served as the president of cic bank and cac group from august of 2015 to december 2019. Were now recognized for three minutes for your introduction. Thank you very much and hello everybody. Chairwoman waters Ranking Member mchenry chairman meeks and Ranking Member list to meyer and members of the subcommittee thank you for this opportunity to discuss the occ support to the nation during this Public Health emergency. National banks and federal Savings Association that did this pandemic wellequipped for this and her role in facilitating the nations relief programs. O. Quitted the was strong and asset quality was good. Banks have to quickly from a position of strength to provide relief to their customers and communities employed initiatives such as the Paycheck Protection Program mortgage forbearance in foreclosure relief and lending facilities to provide m. Acquitted eight sour economy can continue to operate. Since early march we been in regular clinic patient with a 1200 tanks we supervise to encourage them to work with borrowers but we navigate the challenges they face another merging issues. With coordinate closely with other regulators to ensure more than 40 pieces of guidance rules and clarify regarding capitol liquidity and customer accommodations. These actions help banks to use their strength to support customers and their communities. Rep. Gregory meeks is allowing us about the orderly flow of credit and Banking Services. Manage the demands o 20 for 95 percent of our staff has worked from home. While the nation plans to return to normal environments, there and planning for its employees to return offices and banks across the country. As we make this transition, we will with health and safety of our employees at the forefront of every decision that we make. We will continue to support them as they deal with that covid19 challenges. Throughout the work, we continue to start the vibrancy of the deposit of the institutions and Community Development institution and the customers. They focus their services with the communities. Across the country for capital and scares and difficult something. We sustained commitment to increase document Protection Program loans, Small Business powers located in the low income areas. They also directly support the Advisory Committee that provides in situ challenges of institutions roundtables that help them with the resources and technology and publishing resources in reference and take a special consistent and consideration in the rules and the guidance we issue so they continued to make the communitys unique needs. Thank you again for holding this roundtable i look forward to answering your questions. You. And finally, i would like to introduce, the vice chairman of the heart of governments of the Federal Reserve system. It was sworn in as vice chair for supervision on october 13th, 2017. As vice chair, for the supervision and this on october 13, 2021. Is also chair of the finance stability board in 2018, three term in a previous term. Prior to his appointment to the board, he was founder and management director of the group. A utah based Investment Firm and before that he was part of another group. From september of 2005 and november of 20 oh six, he served as secretary of the u. S. Department of domestic and prior to serving as undersecretary from april 2002, to august of 2005, he was assistant secretary for the treasury of International Faith and doing his terran year there, and the committee on foreign investmentn the united states. Prior to joining the treasury, he served from august of 2001 until 2002. Rep. Gregory meeks he was the u. S. Director prayed you may now give your introduction ring marks brain. Thank you chairman. Thank you members. Thank you for inviting me. The last two months have been