Update from prudential regulators. This is a timely discussion as we engage with the nations prudential regulars amidst the health care and economic devastation of the covid19 pandemic. In queens in other parts of new york city have been very part hardhit. We at seven marquesas and more deaths than most states in the country. I did knit this healthcare cris millions have lost their jobs and loss of income compounded the Economic Impact. But thanks to the doddfrank wall street reform and the implication of the decade before the financial crisis, the nations Banking Sector has emerged and develop a bright spot with adequate capital and worked with clients to restructure mortgages and loans and extend credit. But but i that serious concerns about the implementations of the ppp Stimulus Program and the role some of the banks played and prioritizing loans are Large Companies rather than Small Businesses a minority community. But thanks to the hard work of chairwoman waters and chairwoman velasquez the ppp program seems to appear come seems that many things addressed, in the latest installment. I had concerns also how long a nationsbank and credit union can endure the current crises. If that last until the fall or even into next year and the capacity of the phone banks, minority banks and cdfi to overcome the challenges of this crises. I hope to hear from about the Loan Portfolio over the objections of note delegation and in which i be able to make it hard to bring relief to impacted new York City Taxi drivers who are already reeling from the pandemic. It is my [inaudible] to yield to mr. Luetkemeyer. Thank you, greg. First i like to thank the attendees are being a today and for her tireless efforts for the last two months help the American People respond to the covid19 crisis. While todays roundtable is no less a hearing is my hope we can have a meaningful discussion on the steps regulars at taken to date to examine what further steps must be taken to ensure the health of the american economy. Congress and administration taken drastic measures and responding to both an economic crisis, coronavirus has presented. Congress has passed four legislative packages and delivered much needed funding for and healthcare providers, state and local governments, Small Business and a poorly the American People. In addition the kids act contain numerous provisions to eliminate unnecessary burdens. Regulators have been providing needed forbearance and flexibility to Financial Institutions and liquidity directly to borrowers and investors in key credit markets. In particular the provision contained in the cares act would allow institutions to work with their customers and restructure their loans without the negative tdr accounting classification. In addition the regulars have stated they will not be punitive towards Financial Institutions are working with their customers. Despite this progress i am concerned about how regulars will treat assets that have been impaired by coronavirus. While the cares act provide relief until the end of the year or the individual declaration, it is good Many Industries will continue to struggle as consumers and businesses adjust to the new economic climate. Regulators should look at additional accounting and examination relief for assets impaired by coronavirus. Specifically for two years examiner should provide in my judgment deterrence on all loans and leases impaired by coronavirus and those on should be exempt to certain negative account classifications under the coronavirus billable do just that. The solicitations the certainty they need to work with the customers and get them back to economic health. It is vital to the regulators work with Financial Institutions to ensure they can provide their customers with the necessary forbearance to get to this crisis and i look forward to discussing this and many other issues with you. With that i yield back. Thank you. Thank you, mr. Luetkemeyer. I would like to indulge the chairwoman of this great Financial Service committee, maxine waters, for her introductory marks. Thank you, chairman meeks. Good afternoon, everyone, and welcome to the Service FinancialCommittee Virtual roundtable. Id like to thank Ranking Member mchenry for working with me on these virtual roundtables. As the nation faces this pandemic crisis in which 1. 3 million americans have been infected with covid19, and more than 78,000 americans have lost their lives, it is imperative that congress and our regulators and Congress Responded with unyielding focus and energy to help those who are struggling. Yesterday Speaker Pelosi introduce the heroes act to provide an additional 3 trillion in needed relief, including homeowners, renters, consumers and Small Businesses. Our financial regulators must do their part and encourage Financial Institutions to help their customers and lets not undermine our system resiliency. Or weaken protection for consumers, Small Businesses and communities of color. In the rulemaking unrelated to covid19 should be halted. We all must take action to respond to this crisis and help those in harms way but it is not acceptable to use this crisis as an excuse for financial deregulation. Thank you. Hanky madam chairwoman. I now recognize mr. Mchenry, the Ranking Member of the Financial Services committee for his thank you. Thank you, chairman meeks and Ranking Member luetkemeyer. I want to thank chairman waters and her staff for the work that they put in to bringing out the virtual roundtables in such a professional and thoughtful way. And i hope that 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 we are all so thoughtfully trying to social distance and deal with the consequences of. So thank you chairwoman waters and thank you to the democrat staff and to the republican staff who work so well together to achieve this bipartisan outcome. To the panelists, thank you for taking your time here i know its quite crucial used a focus on the task at hand and given the Global Health crisis and economic crisis, its of our interest to ensure it doesnt morph into any other form of crisis. So to that end i think its important you all stay focused on your job of following through on the agenda that you set forward for our financial industry and ensure that they are properly regulated and we address regulations that are ill fitting to the Current Crisis that we face economically. And lets ensure that that levelheadedness and working through this crisis in working with congress is continued. So thank you for taking time, thank you for the work youre doing and do hope youll continue to take an aggressive look at regulations that dont fit to the current challenges that we are facing as a country. And with that i yield back or 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 here first i like to welcome the honorable rodney hood, chairman of the National Credit union administration. Mr. N 1 into office on april 8, 2019 and is the 11th in clu chairman. As ncua Board Chairman mr. Hood also served as a Voting Member of Financial StabilityOversight Council picky also represents the ncua on the federal finance Institution Examination council and the financial and banking information infrastructure committee. A merely prior to joining the ncua, mr. Hood serve as a Corporate Responsibility manager for Jpmorgan Chase managing National Partnership for nonprofit organizations and financial regulators and Key Stakeholders to promote Financial Inclusion and shared prosperity and underserved communities throughout the United States. His previous expense includes serving as associate administrator at the u. S. Department of agriculture and help address the housing need of world community, [inaudible] mr. Hood your now recognized for your introductory remarks. Chairman meeks, Ranking Member luetkemeyer, chairwoman waters, Ranking Member mchenry and members of the subcommittee, thank you for the opportunity to discuss the ncua efforts to maintain a safe and sound Credit Union System during the rapidly evolving covid19 emergency. The ncua has with the limited the cares act provisions infecting an hinge. The ncua board expand access to the central liquidity facility which helped the quite insistent successfully navigate the last financial crisis and profile and interesting potential liquidity needs of Credit Unions and interesting. The ncua is working with the sba to provide Credit Unions with guidance and resources so they can fully participate in the paycheck Protection Program. Last week i spoke at an nbi credit union in mississippi that made 1000 ppb loans with with an average of 13,000 to businesses that serve low to moderate income and minority communities. Including one who has the nations oldest black colleges. This is one example that epitomizes the Credit Unions of ethos of people helping people during this difficult time. Im please congress provided in the cares act temporary relief from the limitation of the methodology. I share your concerns that adopting and opening it will place an undue burden on credit union and have a Chilling Effect on future lending. That is why ive encouraged to consider provide Credit Unions appropriate exemption. The ncua board is providing measures for regularly to ensure that unions are operational and liquid. So they can continue to serve the 120 million. Credit Union Support the taxing industry in new york city. The ncua completed the sale of majority of its taxi medallions Loan Portfolio in pay for it with a demonstrated history of working proactively with borrowers. The actions expels between minimizing additional losses to the insurance fund, protecting borrowers and reducing market volatility. In conclusion, the ncua has responded to Credit Unions during the pandemic if affiliates Critical Mission of protecting the safety and soundness of the 5236 grants we oversee. I would like to think the ncua, 1141 employs for their unwavering dedication. Each and every day they put forth her best effort to protect the nation system of cooperative credit. Ladies and gentlemen, thank you for the opportunity to appear before you today. I pray that you, your families and staff remain healthy and safe. I look for to any questions you may have. Thank you. Next i i like it or does the honorable jolene mcwilliams cochairwoman of the federal deposit insurance corporation. Ms. Mcwilliams concerts as the 21st chairperson. President xi was executive Vice President , corporate secretary and the fit serve bank in cincinnati, ohio. Prior to joining the fifth, third bank she worked in the United States senate for six years most recently as the chief counsel and deputy staff director of the Senate Committee on banking, housing and urban affairs. Previously as assistant chief counsel for the senate Small Business and entrepreneurship committee. From 20072010 she served as an attorney at the Federal Reserve board of governors. She now has three minutes for your introductory remarks. Thank you very much. Chairman meeks, Ranking Member luetkemeyer, chairwoman waters, Ranking Member mchenry and members of the subcommittee, thank you for the opportunity to purchase made in today. I hope you and your family and your staff are safe and are able to do the nations work at this time. In response to the covid19 pandemic, weve taken swift and Decisive Action to maintain stability and Public Confidence in the nations financial system. System. Weve taken action to encourage banks to work with affected customers and communities can increase flexibility for banks to meet the needs of their customers, foster Small Business lending, protect consumers can increase Financial Options and actively monitor the financial system. The brunt of this Economic Impact is going to fall hardest and facile individual consumers, independent contractors come low income borrowers and hourly workers. The fdic encourages banks to take prudent steps to work with customers who remain particularly mindful of being an effective who are most vulnerable both because of the pandemic and economic shock. Our senior citizens. As part of our option was contacted all 50 big banking commissioners. A number of members of Congress Reached out to consumer groups and maintain a regular contact. These engagements has helped us better understand the particular challenges facing banks into marriage across the nation and particularly in rural communities. While the fdic does not have many openable makings at this time can we continue to focus our efforts on modernizing and approving resiliency at all the different financial system. Were focusing on a key issues. The [inaudible] we are actively engaged with our fellow regulators as we collect and assess how to proceed on each interagency rulemaking. As we respond to the covid19 pandemic and continue our vital work, the 6000 dedicated employees of the fdic continue to fulfill the agencies Critical Mission. Our employees are working tirelessly to maintain stability and Public Confidence in the financial system. I could that be more proud of the effort and unwavering mission of the atsc. Thank you again for the opportunity to participate today and i look forward to questions. Thank you. Thank you. Next, i do like to introduce the audible joseph otting, comptroller of the currency. He was sworn in as a 31st comptroller of the currency on november, 2017. As comptroller mr. Auditing serve as the director of the fdic, a member of the Financial StabilityOversight Council and the federal Financial Institutions examination council. Prior to becoming comptroller of the currency mr. Auditing serve as president of csc bank and copresident of cic group august 2015 to december 2015. Mr. Auditing, youre now recognized for three minutes or your introductory remarks. Thank you very much, and hello, everybody. Chairman waters, Ranking Member mchenry, chairman meeks and Ranking Member luetkemeyer, and members of the subcommittee, thank you for this opportunity to discuss the occ support to the nation doing this Public Health emergency. Americas National Banks and federal savings associations entered this pandemic wellequipped for the central role in facilitating the nations relief programs. Capital liquidity were strong and asset quality was good. Banks acted quickly from a a position of strength to provide relief to the customers and communities, its initiative such as the paycheck Protection Program, mortgage forbearance, and foreclosure relief, and flinty thistles have provide capital and the quiddity so that our economy can continue to operate. Since early march the occ has been in regular communication with its banks we supervise to encourage them to work with borrowers while we navigate the challenges they face in other emerging issues. We have coordinated closely with other regulators to ensure more than 40 pieces of guidance, rules, and clarify regarding capital liquidity account and customer accommodations. The actions helps banks support the customers in their communities. In february the agency also committed our enhanced Market Data Collection processes that close to monitor the condition of the industry. Agency executives meet daily to discuss issues facing consumers, banks and the broader F