The Federal Reserve is where huge amounts of money are accounted for and handled. It is very capable of taking care of big banks and big companies. It does nothing to directly assist communities or the banks that serve them. The Federal Reserve is not the place for such a policy either. The policies that care for the American people come from Congress. Congress giving huge sums of money to big banks and businesses is simply the wrong ane leaves the American people abandoned.
March 24, 2020
By Breedan Greeley
While the Federal Reserve (click here) has promised to pump trillions of dollars through large banks to keep financial markets moving, and rolled out support for large company debt, perhaps the most serious economic aspect of the coronavirus crisis is yet to be solved: how to get funds all the way to families and small businesses bearing the brunt of the shutdowns across America.
The country’s thousands of community banks and regional banks may be part of the answer.
Using a playbook they have developed over years dealing with crises from floods and tornadoes to superstorm Sandy, which ravaged the east coast in 2012, many have already started to help their own customers.
OceanFirst, a 118-year-old bank with $10.2bn in assets headquartered in the coastal town of Toms River, New Jersey, confirmed with the Fed on March 15, a Sunday, that it would grant 90 days of forbearance to customers on both mortgages and business loans....
