And then limits the healthcare and economic devastation of the coven 18 pandemic some other parts of new york city have been very hard hit and suffering more deaths than other states in the country millions have lost their jobs and incomes with the Economic Impact for things to the wall street reform the nations Banking Sector but the initial impact of the crisis to restructure mortgages but ive had serious concerns of the i heimplementation with a Small Businesses thanks to the hard work of chairwoman waters and velasquez, the ppp program in the latest installment. So how long the nations banks and Credit Unions can endure the Current Crisis. And with a pdf i to overcome the challenge of the crisis. And over the objection of the new york delegations and the impact of the new York City Taxi drivers are already reeling from the pandemic. First i would like to thank you for being here today and your tireless efforts and respond to the covid19 crisis it is my hope we can have a meaningful discussion of whatt steps must be taken to ensure the American Economy so to take drastic measures to the economic crisis Congress Passed for legislative packages with funding to hospitals Small Business and the American People so that cares act contains numerous provisions for unnecessary burdens to better serve the customers and to have needed forbearance and liquidity directly to borrowers and investors with key credit markets. The provision contained in the cares act them out institutions to restructure the loans without the classification. The regulators have stated those Financial Institutions for working with thosess customers so i remain concerned how regulators would be impaired by coronavirus so by the end of the Emergency Declaration as businesses adjust to the new climate. Regulatorti shed look at the examination relief for coronavirus. After two years they should and my judgment those impaired by coronavirus and with those classifications and then do just that. And these institutions to work with the customers to get them back with economic help its vital that you the regulators to ensure they can provide to discuss these with you and i yelled back. Thank you chairman. Welcome to the First FinancialServices Committee virtual roundtable. And with this pandemic crisis and with covid19. And those that have lost their lives it is imperative that congress and regulators respond with a focus for those who are struggling. And then to provide 5 trillion and then with Small Businesses. The financial regulators those for the Financial Institutions to help their customers and that resiliency and those protections for consumers and it is unrelated to covid19 and we all must take action to respond to the crisis and it is not acceptable to use this as an excuse for financialal deregulation. Thank you. I i now recognize mr. Mchenry. Thank you chairman waters and staff and with that virtual roundtable and that this can be a model and then to get proper input given the nature of the virus to social distance and deal with the consequence thank you chairman waters to the republican staff who work so well together and thank you for i taking your time and that you stay focused on the tat a task at hand. And with any other form of crisis. And then stay focused on your job from the agenda. And then to be properly regulated and those that are ill fitting to the Current Crisis to make sure that levelheadedness and to work with congress so thank you for taking time in the work you are doing that you take an aggressive work look at regulations for those challenges are facing as a country. My time is up. Now i like to welcome the panelist. And the chairman of the credit union the 11 ncua chairman and then to also serve with the Oversight Council and the institutions and the financial and Banking Infrastructure Committee prior to joining the ncua. And with those the and and the shared prosperity for the United States and with the soviet administrator with the department of agriculture what the Housing Needs and the agencies 40 milliondollar package and i you arear recognized for your remarks. Members of the subcommittee thank you for the opportunity to discuss the efforts to maintain a safe and sound Credit Union System during the rapidly evolvingg emergency those he a federally insured Credit Unions and with that Credit Facility which helps the system to successfully navigate the financial crisis and improve vital to those liquidity needs of the Insurance Fund and to provide Credit Unions so they can fully participate in the Paycheck Protection Program. Last week i spoke at a credit union in mississippi and with 13000 to businesses that serve low or moderate income or minority communities. And that there peoplef helping people in the cares act. And i share your concerns and then have the Chilling Effect uton future lending thats why i consider providing Credit Unions a perfect exemption. And then to have appropriate measures that Credit Unions are operational for nearly a century the taxi industry in new york city completed the sale that the demonstrated history to work proactively that strikes the ballots with the Insurance Fund and then to reduce market volatility and in conclusion it has responded to fulfill the Critical Mission of the 5200 Credit Unions that we oversee thank you to those 41 employees for their unwavering dedication each and every day they put forth the best efforts ladies and gentlemen thank you for the opportunity to appear before you today i pray you and your families and staff remain healthy and safe i look forward to any questionsns you may have. And safe i look forward to any questions you may have. Like to introduce chairwoman of the fdic. And the executive vice president. From the Cincinnati Bank in ohio most recently to the deputy staff director on banking and housing and urbanan affairs and entrepreneurial ship. 2007 through 2010 the Federal Reserve board theres now three minutes for the introductory remarks. Chairman and Ranking Member thank you for the opportunity to participate today and to work at this time and the idea and with the Financial System and then to work and increase flexibility for the customers and with those Financial Options but the brunt of this impact independent contractors and then to encourage banks to work with customers to be mindful you are the most vulnerable that then to contact all of the commissioners and with those provide institutions for the banks. And then across the nation. And those we continue to focus the efforts to modernize with that Financial System. And appropriate at this time. And with those federal regulators. And with that interagency. And those employees and then from the Financial System without unwavering commission. Thank you again and i look forward to your questions. Thank you to be sworn and the 31st comptroller of the currency and then the Oversight Council and the examination and with that currency of the bank through december 2015. You are now recognize for three minutes for your introduction. Chairman waters and Ranking Member mchenry and members of the subcommittee, thank you for this opportunity to discuss the occ supports are in the Public Health emergency Americas National banks and with these relief programs for that asset quality and acting quickly from a position of strength to their customers and communities such as the Paycheck Protection Program for forbearance and foreclosure relief to provide capital and liquidity select can continue to operate with the 1200 banks that you supervise then to navigate the challenges they face with other emerging issues we have coordinated closely for more than 40 pieces of guidance and rules with capital liquidity and customer accommodations those to support the customers and those that are enhance the Data Collection process Agency Executives facing consumers and banks on the broader Financial Services industry this is realtime awareness of commission of the banks of the oidentifications to allow us to act properly to flow Banking Services nearly 95 percent of staff is work from home. All the nationsns plans to return to a normal Environment Planning for the offices to return across the country. And to be at the forefront of every decision we make continue to support them as they deal with the covid19 challenges the occ continues to start those institutions and Community Development to focus products and services so we all the sustained commitment with the Paycheck Protection Program loans and to Small Business for the moderate and low income areas. And then to have insight and challenges posting collaborative roundtables with those resources of technology to publish resources with special considerations with the rules and the guidance we issue to make to meet the unique needs thank you for holding this roundtable i look forward to answer your questions. Without supervision of the reserve without supervision october 172017 and vice chair from 2021 also at the stability board and the threeyear term founder and managing director the utah Bank Investment firm and the 2005. To serve as the Us Department of the treasury as undersecretary from 2002 with the International Affairs as policy chair of foreign investmentt with the United States and while joining the treasury through 2002 and the us executive director with the imf. You may now give your introductory remarks. Thank you for providing on allowing me to participate. S it has an extraordinary hardship. So last week and then to address the challenges today to have a broader look with the Current Crisis so as you iknow and to adopt the pandemic of the global my families and businesses struggle toto pay bills and the National Institutions work to insure this is a source of strength during a e crisis. And the results of these efforts is that has insured job the credit worthy firm and those household. And then to apply to arrange with Community Developments both of which have Small BusinessCommunity Development so name one example that are eligible to participate in the ppe liquidity facility and two weeks ago to see the loan funds as well from paycheckec Protection Program and then the communities that they serve face the Current Crisis just this morning. Harms must continue with the flexibility that it did not create and ultimately the strength of us Financial Sector and with the strength of the economy depending on the calibration. We at the Federal Reserve seeking to have the role responsibly. And then to require. Thank you i will now yield to t myself and then send it back over to the committees so we will now ask each panelist to be brief in their response. Chairwoman mcwilliams before the committee you made a commitment you would not sign at noff that is not consistent and as briefly as you would to focus on the minority banks and to support them during the crisis. And with that unwavering commitment and the second question so with that opportunity as a primary regulator and with the teleconference to reach out to the individual and how we can be of service but the coordinator has the number of those goals as well. And that they can survivewain ad to help their communities which i believe will be the a hardest from the crisis. And with that housing collapse and then with that collapse. Clearly the economic strain will increase the longer it continues and as we have seen those situations evolve. And then continue to expand the level of uncertainty it is great but i would not want to predict how that would evolve. F right of ways in which this evolve given at the current level of uncertainty but they are very strong. They entered this crisis sufficient of strong capital, strong liquidity, and they have filled an Important Role in responding to the crisis. Thank you. I now go to the committee staff. Thank you, chairman meeks. Mr. Luetkemeyer, you will now have three minutes of for your questions. Thank you. Just what you think the panel for being here and say i want to make, with regards to cecl. Each of you, mr. It comes to making any opening remarks you have an exception now with the fed, comptroller and fdic. March 24 [inaudible] theres a joint interim rule is a joy to postpone and delay it, if a we thank you for recognizing the disaster that cecl is. I dont want to say i told you so, i told you so. With regards to it opening remarks from the forbearance i think its going to be important that each of you be able to transmit to your staffs, your other regulators under you, how it will be to have forbearance, otherwise we will have in my estimation of the occurrence of 09 with regard to the regulars going in and attire lines of business forcing them out of the bank and the end result you destroy the jobs, local economy and will never get our economy back on track if you start without forbearance for the bank. To that end i have built on working on were put assets in a separate account on the balance sheet. Give it about two and a half years of forebears and gives you the tools to be able to work with the banks to give them time to get the assets back out and gives the banks time to also reserve this immediately that can reserve or repetitive time. I would like a reaction each of you mentioned flexibility in your opening remarks. Ms. Mcwilliams, i know we talked about this before. How are you going to impart this on your staffs the need for and execute the forbearance with your members . Thank you for the question. Weve done extensive state regulators and with examiners come weve had webinars to ensure that this new framework that we have in place whereby loans that are modified for purposes of the endemic are not classified. One of the greatest accomplishment weve had is [inaudible] that modifying loans for the covid19 pandemic. Now its on us to make sure engaged and make sure we will modify in interest of both the bank and the customer are not being mistreated in our view and looked upon when they shouldnt be. I appreciate that. I know in the last four months in the ppp program is important with certainty to the banks and i think law, guidance which can be interpreted so thank you for your contributions. Thank you. We will now go to ms. Waters. You are now acknowledged for three minutes for your questions. I want to thank all of our panelists who are with us today. Ice chair quarles, and communities have been an important conduit alone for a wide range of consumers, Small Business and minorityowned businesses. And underserved communities especially. This is why i thought to ensure that all been meaningful participants in programs in the paycheck protection act. That should be proactively inclusive including nonbank should raise awareness in underserved communities so that strong and diversity can benefit. This program should be [inaudible] so we know whos lending the money and who is getting the money. Vice chair quarles, will the fed track and published regular updates for what size and kind of lenders are lending to the main street loans . Yes, we will. Vice chair quarles, urge the sp to issue guidance so we can see lenders require [inaudible] and to collect optional information on the application. Will the fed to the same for the main Street Lending program . We will, we will certainly supervise the main Street Lending program and alleged that involve in this to ensure that they are complying with the law and that they are lending fairly as well. Thank you. Most of all, will the fed eliminate this unnecessary barrier to help more Small Businesses . Well, if you look at the structure of Assistance Program that have been established, ppp program is for the smallest firm. The main Str