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Bank robberies could rise due to mask mandates, top banking regulator warns

Austin Weinstein, The Charlotte Observer on

Published in Business News

Masks and face coverings have been recommended for use in helping stop the spread of COVID-19, the disease caused by the new coronavirus.

As the acting Comptroller of the Currency, Brooks oversees many of the country's largest banks, including Wells Fargo and Charlotte's Bank of America.

He took over the Office of the Comptroller of the Currency, a bureau of the Treasury Department, in May after former Comptroller Joseph Otting left. He worked with Otting when the pair were executives at the bank OneWest, alongside current Treasury Secretary Steven Mnuchin.

In the Monday letter, Brooks outlined what he saw as the risks of certain lockdown orders to stability and function of the U.S. financial system.

Vacant commercial real estate, reduced revenue and an unclear line between which businesses are essential are all factors that may have an impact on the financial system, he wrote.

 

"I ask that your members carefully consider the impact of their lockdown orders on the health and functioning of our shared national financial infrastructure as they implement the President's guidance to determine when and how to unwind those orders," Brooks said.

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