COVID-19 Risk Factor and Other Disclosure Considerations for Banking Institutions: COVID-19-Related Risk Factor and Other Disclosure Considerations for Banking Institutions’ First Quarter 2020 Form 10-Q Filings

Sullivan & Cromwell LLP - April 6, 2020
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Since March 13, 2020, the United States has been operating under a state of emergency declared by President Trump in response to the spread of COVID-19.  COVID-19 and related governmental responses have affected economic and financial market conditions as well as the operations, results and prospects of companies across many industries.  As banking institutions prepare their Form 10-Q filings for the first quarter of 2020, they should consider updates to risk factors in light of the significant developments that have occurred since filing their 2019 annual reports on Form 10-K.