US regulator warns of lockdown threat to financial stability

By Tyler Davies
02 Jun 2020

The US Office of the Comptroller of the Currency (OCC) is urging local officials to ease their Covid-19 lockdown measures, warning that some banks are now suffering delinquency rates in the mid-double digits on their small business loan books.

Acting comptroller of the currency, Brian Brooks, sent a letter to US mayors and governors on Monday.

He said in the letter that local authorities should be aware that their lockdown orders were having a negative impact on bank balance sheets during the coronavirus pandemic.

“Certain ...

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