The committee said it would closely monitor the situation as it develops and “will use its tools and act as appropriate to support the economy” in the days ahead. In a press conference, Federal Reserve Chairman Jerome Powell emphasized that the underlying fundamentals of the economy remain strong. “Financial markets are functioning in an orderly manner,” he said, adding that “supervisors will be working with banks to ensure that they work with their borrowers” that may be struggling as a result of the outbreak.

While “the situation remains a fluid one,” Powell emphasized that “the U.S. economy is strong and we will get to the other side of this. I fully expect that we’ll return to solid growth and a solid labor market.”

As more cases of the novel coronavirus are reported in the U.S., the ABA is working to keep its members apprised of the latest developments through a dedicated resource page on aba.com. Bankers can find new information and resources from the Centers for Disease Control and Prevention, World Health Organization, Occupational Safety and Health Administration, financial regulatory agencies and others. Included is information on frauds and scams that have been reported in conjunction with the outbreak.

The website also includes business continuity planning recommendations and other relevant information from financial regulatory agencies as well as guidance on how to communicate with employees, customers and the public. Banks might be particularly interested in the pandemic planning appendix of the FFIEC’s Business Continuity Planning Booklet, which was assembled after the avian flu outbreak in 2007. 

Visit aba.com/coronavirus. For more information, contact ABA’s Heather Wyson-Constantine or Paul Benda.