Financial institutions have to sustain—and, in some cases, improve—cyber security and anti-money laundering programs.25 The pandemic is no excuse to lower your guard. If anything, there is a heightened need for cyber vigilance. Many Federal agencies have published warnings of pandemic scams aimed at financial institutions and their customers.26 Among other schemes, hackers and digital con-artists may try to exploit the realities of the "digital divide." Employees and customers without regular internet access at home may resort to connecting from public places. There are inherent risks to viewing or printing confidential information outside of secure locations. Those risks could be magnified in the decentralized environments that now count as our places of business. https://www.newyorkfed.org/newsevents/speeches/2020/hel200625  2/4  The Federal Reserve’s Pandemic Response - FEDERAL RESERVE BANK of NEW YORK  In the medium term—by that I mean over the next couple of years—we need to anticipate the next wave of legal and economic challenges from the pandemic. At the front of my mind is the ongoing transition away from LIBOR.27 Trillions of dollars in global financial assets depend on LIBOR. This pandemic has shown us the importance of contingency planning. Just because a global crisis has been going on does not mean December 2021 will never come. LIBOR is a known problem with workable solutions. Other challenges, like the volatility of pricing in the oil market, are more uncertain. The current lack of energy consumption is linked, in large part, to whether people feel safe. But when will we feel safe again?

"2 The Federal Open Market Committee lowered the target range for the federal funds rate to 0 to ¼ percent3 and increased purchases of Treasury securities and agency mortgage-backed securities. The Board of Governors created new dollar liquidity arrangements with central banks, reflecting the global nature of the pandemic and its economic disruption.4 Together with other Federal banking agencies, the Board issued regulatory relief and guidance to banks encouraging them to meet the changing needs of customers,5 to use their capital and liquidity buffers to facilitate lending,6 and to access the discount window.7 Perhaps most prominently, the Fed has used its emergency powers in Section 13 of the Federal Reserve Act to establish programs and facilities to keep the economy running.8 The Board of Governors created the Primary Dealer Credit Facility,9 the Commercial Paper Funding Facility,10 and the Money Market Liquidity Facility to provide relief for critical wholesale markets.11 Another facility supports lending to small businesses via the Small Business Administration's Paycheck Protection Program.12 Two commercial credit facilities provide liquidity for corporate bonds.13 The Term Asset-Backed Securities Loan Facility supports the markets for student loans, auto loans, and credit card loans.14 The Municipal Liquidity Facility helps state and local governments and agencies close revenue gaps.15 And facilities specifically targeting "Main Street"16 help sustain retail businesses and may expand to assist nonprofit institutions.17 For the last several months, implementing the Board of Governors' relief initiatives has been the priority of the New York Fed and our sister Reserve Banks.