U.S. financial regulators are preparing contingency arrangements, including trav...
WASHINGTON - U.S. financial regulators are preparing contingency arrangements, including travel restrictions and home-working, to ensure they can effectively oversee the financial markets as the coronavirus closes in on the U.S. capital.
As New York banks start triggering their contingency plans, their watchdogs have also begun to take precautions, allowing more home-working, cancelling and limiting travel, calling off conferences, and restricting some external meetings. On Thursday, the OCC along with the Federal Reserve and the FDIC canceled a joint conference on fair lending scheduled for next week “out of an abundance of caution,” they said.
U.S. Treasury debt yields plunged to historic lows on Friday, while U.S. stocks tanked and the Dow Jones shed more than 800 points before paring losses.
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