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Minutes of the Financial Stability Oversight Council

March 26, 2020

PRESENT: 

Steven T. Mnuchin, Secretary of the Treasury and Chairperson of the Financial Stability 

Oversight Council (Council)

Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System (Federal 

Reserve)

Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation (FDIC) 

Jay Clayton, Chairman, Securities and Exchange Commission (SEC)

Heath P. Tarbert, Chairman, Commodity Futures Trading Commission (CFTC)

Kathleen Kraninger, Director, Consumer Financial Protection Bureau (CFPB)

Mark Calabria, Director, Federal Housing Finance Agency (FHFA)

Joseph Otting, Comptroller of the Currency, Office of the Comptroller of the Currency (OCC)

Rodney Hood, Chairman, National Credit Union Administration (NCUA)

Thomas E. Workman, Independent Member with Insurance Expertise 

Dino Falaschetti, Director, Office of Financial Research (OFR), Department of the Treasury

(non-voting member)

Steven Seitz, Director, Federal Insurance Office (FIO), Department of the Treasury (non-voting 

member)

Charles G. Cooper, Commissioner, Texas Department of Banking (non-voting member)

Eric Cioppa, Superintendent, Maine Bureau of Insurance (non-voting member)

Melanie Lubin, Securities Commissioner, Maryland Office of the Attorney General, Securities 

Division (non-voting member)

GUESTS: 

Department of the Treasury (Treasury)

Justin Muzinich, Deputy Secretary of the Treasury 

Brent McIntosh, Under Secretary for International Affairs

Bimal Patel, Assistant Secretary for Financial Institutions

Howard Adler, Deputy Assistant Secretary for the Council 

Eric Froman, Assistant General Counsel (Banking and Finance) 

Stephen Ledbetter, Director of Policy, Office of the Financial Stability Oversight Council, and 

Executive Director of the Council

Board of Governors of the Federal Reserve System

Randal Quarles, Vice Chairman for Supervision

Andreas Lehnert, Director, Division of Financial Stability

Federal Deposit Insurance Corporation

Travis Hill, Deputy to the Chairman for Policy
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Securities and Exchange Commission

Jeffrey Dinwoodie, Chief Counsel/Senior Policy Advisor for Market and Activities-Based Risk

Commodity Futures Trading Commission

Jaime Klima, Chief of Staff and Chief Operating Officer

Consumer Financial Protection Bureau

Thomas Pahl, Policy Associate Director 

Federal Housing Finance Agency

Sandra Thompson, Deputy Director, Division of Housing Mission and Goals

John Roscoe, Chief of Staff, Office of the Director

Comptroller of the Currency

Jonathan Fink, Assistant Chief Counsel 

National Credit Union Administration

Andrew Leventis, Chief Economist

Office of the Independent Member with Insurance Expertise

Charles Klingman, Senior Policy Advisor

Federal Reserve Bank of New York

John Williams, President and Chief Executive Officer 

Daleep Singh, Executive Vice-President and Head of the Markets Group 

Office of Financial Research

Alexander Pollock, Principal Deputy Director for Research and Analysis 

Federal Insurance Office

Bruce Saul, Senior Insurance Regulatory Policy Analyst

Texas Department of Banking

Michael Townsley, Policy Counsel, Conference of State Bank Supervisors (CSBS)

Maine Bureau of Insurance

Mark Sagat, Assistant Director, Financial Policy and Legislation, National Association of 

Insurance Commissioners

Maryland Office of the Attorney General, Securities Division

Vincente Martinez, General Counsel, North American Securities Administrators Association 
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PRESENTERS:

Nonbank Mortgage Origination and Servicing Update

• Stephen Ledbetter, Director of Policy, Office of the Financial Stability Oversight 

Council, and Executive Director of the Council, Treasury 

• Kevin Silva, Manager, Enterprise Risk Metrics, FHFA (available for questions) 

• Karen Pence, Deputy Associate Director, Research and Statistics, Federal Reserve 

(available for questions) 

• Chuck Cross, Senior Vice President, Nonbank Supervision and Enforcement, CSBS 

(available for questions) 

Executive Session

The Chairperson called the executive session of the meeting of the Council to order at 

approximately 2:35 P.M. The Council convened by conference call.

The Chairperson began by outlining the meeting agenda, which had previously been distributed 

to the members together with other materials. The agenda for the executive session of the 

meeting included COVID-19 and an update on nonbank mortgage origination and servicing.

1. COVID-19

The Chairperson then introduced the first agenda item, Coronavirus Disease 2019 (COVID-19). 

He noted the health risks for certain segments of the population, and asked Council members to 

advise on recent developments. 

Members of the Council then had a discussion regarding their regulatory and supervisory 

activities and developments related to financial markets and institutions. Council members 

described their interagency collaboration and issues including loan modifications, small-dollar 

lending, the temporary suspension of accounting principles related to troubled debt restructuring, 

and the deferment of the implementation of the current expected credit losses accounting 

methodology. Regulators also described their market-monitoring efforts, impacts on regulated 

entities, and the importance of keeping financial markets open. In addition, regulators discussed 

impacts on the housing finance market, efforts to provide relief to borrowers and consumers, and 

certain areas of market stress, including nonbank mortgage servicing.

2. Nonbank Mortgage Origination and Servicing Update

The Chairperson then introduced the next agenda item, an update on nonbank mortgage 

origination and servicing. The Chairperson introduced Stephen Ledbetter, Director of Policy in 

the Office of the Financial Stability Oversight Council and Executive Director of the Council at 

Treasury; Kevin Silva, Manager of Enterprise Risk Metrics at the FHFA; Karen Pence, Deputy 

Associate Director of the Division of Research and Statistics at the Federal Reserve; and Chuck 

Cross, Senior Vice President for Nonbank Supervision and Enforcement at the CSBS. 

Mr. Silva began by explaining how staff had organized their analysis of potential risks related to 
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nonbank mortgage origination and servicing. He then turned to Mr. Ledbetter, who described 

potential sources of stress for nonbank mortgage servicers. Mr. Ledbetter noted that mortgage 

forbearance or modification programs assist households but exacerbate liquidity strains on 

servicers. He noted that servicers could be required to write down the value of the mortgage 

servicing rights in certain circumstances, which could lead to margin calls for the nonbanks. He 

also noted the difficulty of hedging risks due to interest rate volatility. He then described certain 

policy options that had been proposed to support nonbanks, such as actions to reduce operational 

concerns, increase liquidity, and provide regulatory relief. 

The Chairperson then stated that he was convening a Council task force on nonbank mortgage 

liquidity, for a meeting the following week. Council members then discussed potential risks and 

regulatory responses related to nonbank mortgage origination and servicing. 

The Chairperson adjourned the executive session of the meeting at approximately 3:14 P.M.

Public Session

The Chairperson called the open session of the meeting of the Council by conference call to 

order at approximately 3:23 P.M.

The Chairperson outlined the agenda for the open session, which included (1) COVID-19, and

(2) a vote on the minutes of the Council’s meeting on December 4, 2019.

1. COVID-19

The Chairperson then introduced the first agenda item, COVID-19. The Chairperson thanked the 

members of the Council for their recent engagement in an unprecedented economic time, as the 

country closed down significant parts of the economy due to the COVID-19 outbreak. The 

Chairperson stated that the outbreak was not like a financial crisis, but rather was a specific issue 

for which the country had shut down major parts of the economy, and he stated that he looked 

forward to health professionals making progress so that once COVID-19 was addressed, the 

economy could reopen. The Chairperson noted that the Coronavirus Aid, Relief, and Economic 

Security Act (CARES Act) had been passed by the Senate by a vote of 96 to 0 on March 25. He 

stated that he looked forward to the House taking up the CARES Act on the following day and 

passing it. 

The Chairperson stated that the CARES Act focused on protecting American workers and 

American businesses. He noted that the combination of the small business lending program, the 

tax credit program, and the enhanced unemployment insurance was meant to protect American 

workers. He stated that the CARES Act would provide Treasury with $500 billion that it could 

use for a combination of direct loans and working with the Federal Reserve on facilities under 

section 13(3) of the Federal Reserve Act. He stated that before the legislation was passed, 

Treasury had used funds available in its Exchange Stabilization Fund, and that he had given the 

Federal Reserve his approval of facilities under section 13(3). The Chairperson stated that those 

efforts were having an immediate impact in helping American workers and American businesses. 

He also noted that the CARES Act provided over $100 billion for hospitals and $150 billion for 
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states. In closing, he stated that the Council provided an important forum as officials confronted

a unique situation. The Chairperson called on other Council members to provide comments on 

the COVID-19 response. 

Jerome Powell, Chairman of the Federal Reserve, stated that the country was facing an 

unprecedented situation, and the Federal Reserve’s foremost concern was the human toll for 

those stricken by the virus. He stated that the Federal Reserve had taken aggressive actions in a 

multifaceted and collaborative response across public and private sector institutions. Chairman 

Powell noted that the Federal Reserve’s first priority was using its tools to support households 

and businesses and see that they have access to the financial resources they need. He stated that 

the Federal Reserve had taken steps to increase both the availability of credit and the capacity to 

lend. He noted that the Federal Reserve had lowered the federal funds rate to close to zero, 

which he stated will make loans more accessible and affordable. Chairman Powell stated that the 

Federal Reserve expected to keep the rate there until the Federal Reserve was confident the 

economy had weathered recent events and was on track to achieve the Federal Reserve’s goals of 

maximum employment and price stability. He stated that the Federal Reserve had taken steps to 

increase liquidity in financial markets and encourage lending, in collaboration with Treasury. 

Chairman Powell stated that the Federal Reserve had eased the terms on which banks could 

borrow from the Federal Reserve and was working with central banks around the world to ensure 

the dollar funding markets are working. 

Finally, Chairman Powell noted that the Federal Reserve announced actions on March 23 to 

support the flow of credit to households and businesses. He stated that the Federal Open Market 

Committee would purchase Treasury securities and agency mortgage-backed securities (MBS) in 

the amounts needed to support the smooth functioning of those markets. He noted that the 

Federal Reserve was working on a Main Street business lending program to support lending to 

small and medium-sized businesses that would complement the Small Business Administration 

provisions of the CARES Act. Chairman Powell stated that the Federal Reserve was committed 

to using all of its tools to safeguard the economy and serve the American public. 

Jay Clayton, Chairman of the SEC, stated that SEC staff was focused on two overriding issues—

first, that the unprecedented health and safety crisis had required all Americans to significantly 

change their behavior, including behavior at financial institutions, and second, that the 

continuing orderly operation of credit and other capital markets was an essential factor in driving 

an effective health and safety response to COVID-19. Chairman Clayton noted that many 

industries depended on the continuing provision and receipt of capital and credit and the flow of 

capital more generally. He stated that the SEC had focused on the continued orderly functioning 

of securities markets. He noted that the SEC had worked with market participants to ensure their 

business continuity plans were consistent with state and local health directives and other 

measures, as well as the continued orderly operation of markets and regulatory safeguards, 

including investor protection. 

Chairman Clayton stated that—in part due to coordination and collaboration among regulators—

the securities exchanges, central clearing facilities, and other critical market infrastructure had

functioned in an orderly manner as market participants had transitioned to business continuity 

plans. He noted that this had been accomplished in a period of record volatility and capital 
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flows. He stated that this continued flow of capital greatly reduced the possibility that the 

unprecedented exogenous shock to the U.S. economy would transition to a systemic financial 

risk. Chairman Clayton stated that SEC staff had also continued its focus on Main Street 

investors and investor protection, as well as market integrity and cyber security.

Heath Tarbert, Chairman of the CFTC, highlighted steps the CFTC was taking in response to the 

outbreak. He stated that the CFTC was monitoring derivatives markets, in contact with trading 

venues, and checking on the financial resources and operational status of key market 

participants. He noted that the CFTC was focused on clearinghouses, through which trades were 

margined and settled. Chairman Tarbert stated that market infrastructures continued to operate 

seamlessly. He stated that clearinghouses had issued, and brokers and dealers had met, margin 

calls occurring multiple times each day. He noted that the value of investments may have 

dropped significantly, but that the markets had not frozen as some did in 2008. Chairman 

Tarbert stated that the CFTC was granting targeted relief. He noted that social distancing had 

created hurdles to complying with regulatory requirements. For instance, he stated that 

teleworking traders may not have access to recorded phone lines which the CFTC otherwise 

requires when brokers take customer orders by phone. Chairman Tarbert stated that the previous 

week, the CFTC had issued nine no-action letters to provide temporary relief from those kinds of 

recordkeeping and operational requirements. He stated that in addition, the CFTC had extended 

temporary margin relief for market participants with the smallest uncleared swaps portfolios. He 

noted that the CFTC continued to encourage registrants to identify additional potential relief that 

the CFTC could provide. 

Finally, Chairman Tarbert stated that the coronavirus pandemic had led to one of the most 

volatile periods the derivatives markets had ever experienced. He noted that the number of 

futures, options, and swaps contracts and trades had surged to an all-time high. Chairman 

Tarbert stated that rather than amplifying risks, however, the U.S. derivatives markets so far had

acted as shock absorbers to this volatility. 

Jelena McWilliams, Chairman of the FDIC, stated that the spread of COVID-19 had impacted 

the U.S. economy and had increased volatility in global financial markets. She underscored that 

U.S. banks and FDIC-insured deposits were safe, and that this crisis did not originate in banks. 

She stated that banks were well-positioned to deliver capital and liquidity to communities across 

the United States. She noted that the FDIC was working with other financial regulators to 

provide flexibility to banks and customers. Chairman McWilliams stated that the brunt of the

economic impact was going to fall on consumers, small businesses, independent contractors, 

low-income borrowers, and hourly workers. She stated that the FDIC had taken several 

regulatory actions to provide banks with more flexibility to deploy capital to these borrowers and 

to the broader economy. Chairman McWilliams stated that the FDIC had encouraged banks to 

work with borrowers. She noted that the FDIC would continue to closely monitor the economic 

health and well-being of financial markets, the banking industry, and consumers.

Lastly, Chairman McWilliams warned the public about misinformation regarding the safety of

bank deposits and the ability of consumers to access cash. She stated that consumers should 

have heightened awareness of imposters pretending to be FDIC representatives, or anyone 

offering unsolicited financial advice.
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Joseph Otting, Comptroller of the Currency, stated that the banks the OCC oversaw were open 

for business and that deposits in national banks and federal savings associations remained safe. 

He stated that the federal banking system was a source of strength for the national economy. 

Comptroller Otting stated that in the previous decade, banks had built capital and liquidity to 

historic highs. He stated that regulators had acted to provide banks greater flexibility to assist 

their customers. He noted that the OCC and other federal regulators had taken steps to ensure 

ample liquidity was available to meet customer demands and enable banks to use the temporary 

facilities that federal agencies set up to meet liquidity needs. He noted that the OCC had taken 

additional steps to ease pressure on short-term investment funds by authorizing banks to extend 

maturities on those funds in response to COVID-19. Comptroller Otting stated that the OCC had 

also joined federal and state bank regulators to provide information on loan modifications and 

troubled debt restructuring, making it clear that banks the OCC regulates would not be criticized 

for prudently working with customers affected by COVID-19, and regulators would not direct 

supervised institutions to automatically categorize loan modifications as troubled debt 

restructurings. Comptroller Otting stated that supporting customers included easing terms on 

new loans and modifying or restructuring existing borrower debt obligations because of 

temporary hardships. He stated that the OCC had also provided more incentive for banks to 

support community relief by temporarily expanding Community Reinvestment Act credit for 

retail lending, community development activities, and services that support communities in 

response to COVID-19.

Comptroller Otting stated that the OCC and other regulators would consider additional 

regulatory and supervisory actions to support the orderly functioning of banks. He stated the 

OCC continued to discuss other topics, including small-dollar lending, the current expected 

credit losses accounting methodology, and appraisals for commercial loans. He stated that banks 

also had the flexibility to adjust hours and provide alternative service options for their customers. 

Comptroller Otting stated that the OCC had also taken steps to ensure its continuity of 

operations. He noted that the OCC remained fully operational as staff members worked with 

national banks and federal savings associations.

Kathleen Kraninger, Director of the CFPB, stated that the CFPB was working to protect 

consumers in the financial services marketplace. She highlighted several efforts underway at the 

CFPB. First, Director Kraninger stated that the CFPB had provided guidance to financial 

institutions, lenders, and creditors, encouraging them to work with borrowers and customers 

affected by COVID-19. Director Kraninger recommended that consumers who may be facing 

financial difficulty contact their financial institutions to discuss their specific circumstances. She 

stated that, as a backstop, the CFPB was ready to help consumers resolve issues with their 

financial service providers through its consumer complaint system. 

Second, Director Kraninger noted that the CFPB had engaged with stakeholders to ensure they 

were providing appropriate flexibilities to benefit consumers. She stated that the CFPB had

announced temporary regulatory flexibility, for example, delaying reporting requirements with 

the goal of facilitating help to consumers. She stated that the CFPB would continue to provide 

further relief as needed. Third, Director Kraninger stated that the CFPB had launched a webpage 

for COVID-19 resources. She stated that there were a number of steps consumers could take. 
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She noted that the website information outlined steps to take, such as if consumers had trouble 

meeting their financial obligations, experienced a loss of income, or were targeted by a scammer. 

She stated that social isolation was an issue for older adults and could lead to a host of 

challenges, including an increased likelihood of falling for scams. Director Kraninger 

encouraged consumers to visit consumerfinance.gov. 

Mark Calabria, Director of FHFA, stated that his agency had seen disruptions to both the primary 

and secondary mortgage markets from the coronavirus. He stated that in the primary market, 

FHFA continued to see bottlenecks, particularly in the origination process. Director Calabria 

stated that in the secondary market, liquidity in agency MBS had declined until the Federal 

Reserve intervened in that market, which brought stability to the market. He stated that FHFA 

had taken a number of important steps to provide both support to the market and relief for 

homeowners, renters, and multi-family property owners. Director Calabria commended the 

Department of Housing and Urban Development for the efforts at the Federal Housing 

Administration to align with many of the standards FHFA had put in place to bring relief. 

Director Calabria stated that for those facing foreclosure before the coronavirus crisis, FHFA had

directed the government-sponsored enterprises to suspend all foreclosures and evictions for at 

least 60 days. He noted that for homeowners struggling to pay their mortgages because of the 

loss of income or other coronavirus-related hardships, the enterprises were offering mortgage 

forbearance for up to 12 months. Director Calabria stated that for renters and multi-family 

properties struggling to pay rent because of the virus, FHFA had announced forbearance for 

property owners with enterprise-backed mortgages. He noted that FHFA would take steps to 

ensure that tenants will not be evicted while the owner of their multi-family property is in such a 

forbearance plan. He stated that FHFA had also directed the enterprises to streamline appraisal 

and employment verification requirements for 90 days in order to allow the mortgage process to 

work while allowing social distancing to occur. Director Calabria noted that the Federal Home 

Loan Banks continued to provide advance support for liquidity to their members. 

Rodney Hood, Chairman of the NCUA, provided an update on the NCUA’s activities. He stated 

that the nation’s credit union system was liquid and well-capitalized. Chairman Hood noted that 

all deposits at federally insured credit unions were protected by the National Credit Union Share 

Insurance Fund, with deposits insured up to at least $250,000 per depositor. Chairman Hood 

stated that on March 16, NCUA had released its first letter to credit unions on actions related to 

COVID-19. He noted that the letter encouraged credit unions to work with affected members by 

reminding them of the options they could consider in providing financial relief and greater access 

to credit for their members. He stated that the letter included other specific recommendations for 

credit unions to help consumers, including offering or expanding small dollar loan products; 

offering payment accommodations, such as allowing borrowers to defer or skip payments or 

extending the payment due dates; and easing credit terms for new loans. He stated that the letter 

also emphasized the prudent efforts that credit unions could take to adjust or alter terms on 

existing loans in affected areas, which would not be subject to examiner criticism. Chairman 

Hood noted that the NCUA’s public website launched a page of COVID-19 resources. He 

concluded by stating that the credit union system would continue to meet the financial services 

needs of its members. 
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Dino Falaschetti, Director of the OFR, stated that Congress established the OFR to support the 

Council and its members with data and research to help better gauge and understand complex 

risks to financial stability. He noted that the OFR monitored and analyzed developments that 

helped measure stress in financial markets and organizations, while looking to clarify the causes 

and extent of vulnerabilities. He stated that recent extreme volatility in equity markets and 

increasing credit market disruptions contributed to the current challenge. Director Falaschetti

stated that the OFR’s financial stress index provided a daily market-based snapshot of stress in 

global financial markets. He stated that this index had risen sharply since earlier that month. He 

noted that while elevated, the level remained well below the highest levels seen in the 2008 

financial crisis. Director Falaschetti stated that as COVID-19 disruptions evolved, the OFR 

would continue to further its contributions, the inter-agency analyses, and information 

exchanges. He concluded by stating that the OFR would monitor, analyze, and share what it saw 

with its Council colleagues, while highlighting and delivering on recommendations and requests 

for data and analysis. 

Charles Cooper, Commissioner of the Texas Department of Banking, stated that state banking 

regulators were working with governors and state emergency management to ensure that banking 

and other financial service providers were treated as essential services. Commissioner Cooper 

stated that banks were facing logistical and practical issues resulting from efforts to contain the 

virus. He noted that the work of state banking regulators was focused on supporting their 

regulated banks’ work with customers affected by the crisis. He stated that, at the same time, 

regulators were working with banks seeking options for maintaining their operations. He noted 

that state regulators also oversaw a range of nonbank financial service providers, such as 

mortgage companies and money service businesses. He stated that state banking regulators were 

working with those businesses also. He concluded by stating that state banking regulators were 

working closely with their regulated institutions and federal counterparts. 

Eric Cioppa, Superintendent of the Maine Bureau of Insurance, stated that state insurance 

regulators were engaged in heightened monitoring of the insurance sector and continued to 

assess the impact of COVID-19 on various types of insurance, individual companies, and the 

sector as a whole. He noted that regulators were in ongoing communication with companies to 

evaluate any financial impact on insurers. He stated that the insurance business model and its 

regulatory regime were designed to manage risk and required insurers to prepare for severe 

events. Superintendent Cioppa stated that leading up to the crisis, the sector was in a strong 

financial position and remained so. He stated that to the extent the country was able to flatten 

the curve of the virus, there would likely be few if any immediate solvency issues for the 

industry due to increases in insurance claims. He stated that, furthermore, all three insurance 

sectors (health, life, and property and casualty) had significant holdings of cash and marketable 

securities. He noted that much of the industry’s exposure to equities was small. He stated that 

the largest asset class for insurers was bonds and that over 95 percent were in investment-grade 

securities. Superintendent Cioppa stated that while the industry may feel material impacts, 

insurance regulators would be monitoring the sector, in particular those companies that could 

have the greatest exposure. Superintendent Cioppa also described actions regulators had taken to 

help insurance consumers. He noted that some insurance policies contained conditions 

addressing whether losses related to a pandemic like COVID-19 were covered and that 
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policyholders should examine their policies. He concluded that state insurance regulators would 

continue to coordinate on the COVID-19 response with federal agencies. 

Melanie Lubin, Securities Commissioner in the Securities Division of the Maryland Office of the 

Attorney General, remarked that state securities regulators had been working to provide financial 

service professionals with the temporary relief needed to withstand challenges caused by the 

COVID-19 outbreak, while at the same time ensuring that investors were protected from fraud. 

She stated that over 30 states had taken steps to extend certain deadlines and provide temporary 

relief from a variety of requirements. Commissioner Lubin noted that the North American 

Securities Administrators Association (NASAA) had drafted a model emergency order for states 

to use to grant temporary relief from certain registration filing and form delivery requirements. 

She stated that state securities authorities remained focused on their mission to protect investors 

from fraud. Commissioner Lubin stated that regulators were diligently monitoring for fraudulent 

activities. She stated that both individual states and NASAA had issued investor advisories 

regarding potential fraud. Commissioner Lubin stated that state securities regulators 

recommended that investors perform due diligence on financial professionals by contacting their 

state securities regulator or searching on FINRA’s BrokerCheck service or the Investment 

Adviser Public Disclosure website. 

2. Resolution Approving the Minutes of the Meeting Held on December 4, 2019

BE IT RESOLVED, by the Financial Stability Oversight Council (the “Council”), that the 

minutes attached hereto of the meeting held on December 4, 2019 of the Council are hereby 

approved.

The Chairperson asked for a motion to approve the resolution, which was made and seconded. 

The Council approved the resolution by unanimous vote.

3. Other Business

Before concluding the meeting, the Chairperson stated that in the coming weeks the Council

would remain focused on the nonbank mortgage servicing business, particularly given the 

forbearance issues and liquidity issues this business sector may experience. He noted that he had 

asked several Council members to establish a task force to evaluate nonbank mortgage servicing 

issues related to the COVID-19 outbreak and report back to the Council the following week. In 

addition, the Chairperson noted the importance of keeping financial markets open. He stated that 

if market regulators determined that markets could not stay open full hours, regulators may 

consider limiting the trading hours, but he stated that their preference was to maintain normal 

market operations. 

The Chairperson adjourned the meeting at approximately 4:04 P.M.