US regulator warns of lockdown threat to financial stability

OCC_US_Comptroller_PA_575x375_020620
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 ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial