Multistate regulator group to address pandemic's effect on financial infrastructure

State Issues CSBS State Regulators Covid-19

On June 11, the Conference of State Bank Supervisors (CSBS) announced the creation of the new Covid-19 Recovery Steering Group led by the Texas Banking Commissioner. The steering group will work through CSBS “to guide multistate efforts to respond to the personal hardships and financial infrastructure risks caused by the global pandemic.” Its members include state regulators from Ohio, California, Texas, Louisiana, Indiana, Massachusetts, Tennessee, South Carolina, Iowa, Kentucky, and Minnesota. The steering group will consider financial services oversight changes to both banks and nonbanks in order to focus on protecting consumers and supporting local economies and plans to share best practices and lessons learned among state regulators and the financial services industry. Additionally, the steering group will consider “[c]hanges to state or federal laws or regulations to improve operational flexibility, information sharing and coordination.”