The Federal Reserve remains committed to using our full range of tools to support the economy for as long as needed, and a strong, resilient banking system is an essential element of such support. A durable recovery demands banks that lend actively, confront gains and losses honestly, withstand unexpected shocks, and help customers rebuild and adapt to the new landscape.
Our task, as supervisors, is to ensure the country’s banks continue to meet that exacting standard. The Federal Reserve’s earliest COVID-related guidance, encouraging banks to work constructively with borrowers, was an important step toward this goal.