Comptroller of the currency, the Senate Banking Committee Received a 6month update on the state of Banking Systems, the impact of covid19 and support for Small Business owners in communities of color. This runs an hour and 45 minutes. Today we welcome to this virtually hearing the federal prudential regulators, Federal Reserve vice chairman Randal Quaries, office of the comptroller, brian brooks, chairman of yellen and mcwilliams, chairman of the National Credit administration rodney hood. We will receive testimony from each agency on efforts, activities, objectives and plans since we last testified before the committee. As well as an update on covid19 related actions. Since the passage of the coronavirus a relief and Economic Security act or cares act your agencies have taken many meaningful steps to ameliorate the Economic Impact of the pandemic as you provide conditions that will lead to a forceful recovery. On october 30th the Federal Reserve announced changes to its facility inclu
Chambers testify about their concerns. From february until april of 2020. But the closure rates for minority owned businesses are significantly higher with 41 of blackowned businesses, 32 of latino acts owned businesses and 22 of asian businesses. They closed over the same time frame. Now, in april of this year the federal return bank of new york reported that minority and women owned businesses are significantly more likely to show signs of limited Financial Health and are twice as likely to be classified as at risk for distress then nonminorities Small Businesses. Further, companies are three times likely as healthy businesses to close because of [inaudible]. The pcp program established under the cares act and administered by the Small Business administration and treasury as funding lifeline for distressed businesses responding to the culminating pandemic. What recent analysis by the color of change and the u no space United States found only one in ten African American and late lati
0. 769 a little lower than weve seen in weeks leading up to this. Joe, the most important thing youve said is it is friday. Is it friday . The days are all it has been months. And then again, it feels like one whole long day for the week. In this new bull market we are in we will see, hopefully. Three days im not saying that we are they make no sense anymore. I guess it is possible we could look back a year or two now and say, wow or as Paul Tudor Jones said. Are we opening he said we could probably see some new lows. We are still on the front edge of this horrible thing that will play out in new york and other cities hopefully not as bad as people thought. The coronavirus cases surging to nearly 86,000 passing italy and china and making america the site of the largiest outbreak. The death toll is nearing 1,300 in the u. S. So far those number doubling somewhere around every three days right about now, a little less. Lots of questions about other areas too now how this is playing out i
From the honorable randal quarles, Federal Reserve vice chairman for supervision; the honorable jelena mcwilliams, chairman of the fdic; and the honorable rodney hood, chairman of the ncua. Welcome to all of you. This hearing provides the committee an opportunity to examine the current state of and recent activities related to the regulatory and supervisory activities of these agencies. It has been over a year now since the enactment of s. 2155, the Economic Growth, regulatory relief and Consumer Protection act, and the work of the agencies to implement most of the laws provisions, including the tailoring rules for u. S. Banks and u. S. Operations of foreign banks. Your agencies should also carefully review the existing supervisory frameworks and make any necessary adjustments to appropriately align them with the tailoring rules and requirements. On july 30, 2019, all of the Republican Banking Committee members and i sent a letter to the federal banking regulators urging your agencies
Today will receive testimony from the honorable randall orosz, Federal Reserve vice chairman for supervision. The honorable eleanor mcwilliams chairman of the ftse and the honorable rodney hood chairman of the ncua. Welcome to all of you. This hearing provides committee an opportunity to examine the current state of and recent activities related to regulatory and supervisory activities of these agencies. Its been over a year now since the enactment of s 2155 Economic Growth regulatory relief and Consumer Protection act and the work of the agencies to implement most of the laws provision. Your agency should also carefully review the existing supervisory frameworks and make necessary adjustments to appropriately align them with the tailoring rules and requirements. On july 30, 2019 all Republican Banking Committee members and i sent a letter to the federal banking regulators urging your agencies to finalize several outstanding positions of s 2155 such as the Community Bank leverage ratio