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60 COVID-19 | Special Report INDUSTRY RESPONDS AS CORONAVIRUS DECLARED A PANDEMIC e CEOs of the nation's largest banks met with President Donald Trump, discussing the next steps and a plan of action to combat growing concerns surrounding COVID-19. Bank of America CEO Brian Moynihan said the banks are in a "great position" with plenty of capital and liquidity. He added the banks are looking to help all Americans and offer relief to consumers, especially to those who have been forced to be out of work due to the disease. Moynihan added that people are still spending money in today's economy. Citigroup CEO Michael Corbat opened his remarks by saying, "is is not a financial crisis." Corbat added banks want to provide liquidity and there is a great deal of fear with recent talks of recession. He also said that the markets are currently in its "discovery phase" as it works to understand how the market is reacting to COVID-19. "We're here to help," Corbat said. In a joint statement from several federal financial and state regulators, financial institutions are being encouraged to meet the financial needs of customers and members affected by the COVID-19 pandemic. e agencies named in the statement include: » Board of Governors of the Federal Reserve System » Consumer Financial Protection Bureau » Federal Deposit Insurance Corporation » National Credit Union Administration » Office of the Comptroller of the Currency » Conference of State Bank Supervisors According to Mark Zandi, Chief Economist at Moody's Analytics, there's a 60% chance of the U.S. economy going into a recession this year. Zandi told Bloomberg that the economic disruption would batter the housing market, despite record-low mortgage rates. "Housing is being buffeted by two gale forces moving in opposite directions," Zandi said. "e question is, what's the end result of all that? In all likelihood, the recession will trump the lower rates." In cases in which operational challenges persist, regulators announced that they will expedite, as appropriate, any request to provide more convenient availability of services in affected communities. e regulators also will work with affected financial institutions in scheduling examinations or inspections to minimize disruption and burden. Speaking to ABC News, Department of Housing and Urban Development Secretary and White House Coronavirus Task Force member Dr. Benjamin Carson urged people to remain calm but be smart. "It's very important for people to remember that this virus is like other viruses. It should be treated the same way," Carson told ABC News. "We have flu seasons that come up frequently, and there are certain precautions you take during that time."