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BAC - 5 Headlines From The Biggest Bank Earnings Quarter Since 2008
Bank of America Corporation
Five Facts
1. Buying Time
Public policy makers - notably the Federal Reserve Board, the US Treasury, and Congress - are doing all they can to buy time for the US economy to recover from Covid-19.
Government intervention is propping up the economy and protecting bank balance sheets until a vaccine is in place.
For now, bank regulators (Fed, OCC, FDIC, and state examiners) are giving banks unprecedented leeway to sustain wounded borrowers and forestall loan downgrades and charge-offs.
For now, banks appear healthy, however, absent government intervention, many banks would be in serious trouble