Authorization of special accounting standards for credit institutions by the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores" or "CNBV")
As the COVID-19 outbreak continues to escalate, ensuring wellbeing of employees is paramount, but it is not the only challenge. There is a vast sway of operational and legal issues that businesses must address, too.
The United States Congress has passed, and continues to consider, legislative measures that, in addition to addressing the public health crisis, include massive fiscal stimulus proposals not seen since the 2008 global financial crisis. Recent legislation has also had provisions of specific importance to US financial institutions as well as non-US financial institutions with U.S. operations.
The Families First Coronavirus Response Act provides for paid sick leave and expanded family or medical leave benefits to employees, and payroll tax credits to employers in respect of such benefits. The US Department of Labor is issuing rolling guidance regarding the Response Act that includes information regarding, among other things, whether furloughed employees are eligible for such benefits.
In response to the global COVID-19 crisis, US federal financial regulators are taking important actions that affect US and non-US financial institutions, other financial services providers, consumers, and the US and global economy.
The Federal Reserve Board (FRB) and the central banks of other jurisdictions are authorized to take certain open market actions to stabilize their respective currencies.
In response to the global COVID-19 crisis, US financial regulators at the state level are taking important actions that affect US and non-US financial institutions, other financial services providers, consumers, and the US and global economy. In addition, state and local governments are taking other public health focused actions in response to the crisis with important implications for the financial services sector.