Board of Governors of the Federal Reserve System

Preface

To enhance public transparency and heighten accountability, the Federal Reserve Board (Board) publishes periodic information about banking conditions and the Federal Reserve's supervisory and regulatory activities, typically in conjunction with testimony before Congress by the Vice Chair for Supervision.

The inaugural report was published in November 2018. This report focuses on the Federal Reserve's supervisory and regulatory response to the economic and financial stresses resulting from containment measures adopted in response to current public health concerns, referred to as the "COVID event."¹

The report consists of three main sections, in addition to a summary of key developments and trends:

• Banking System Conditions provides an overview of current conditions in the banking sector based on data collected by the Federal Reserve and other federal financial regulatory agencies, as well as market indicators of industry conditions.
• Regulatory Developments provides an overview of the current areas of focus of the Federal Reserve's regulatory policy work, including proposed rules.
• Supervisory Developments provides information on supervisory programs and approaches in light of recent events. The report distinguishes between large financial institutions and community and regional banking organizations, as supervisory approaches and priorities for these institutions frequently differ.

Footnotes