FIST Bill: Financial Institutions Strategic Transfer Bill or House Bill 6816

Earlier this year, FIST Bill or the Financial Institutions Strategic Transfer (FIST) Act proposed as House Bill (HB) No. 6816, seeks to ensure that banks and financial institutions (FIs) are able to maintain their financial health to cushion the adverse economic impact of COVID-19. The new measure provides the necessary options in order to expedite and provide the rehabilitation of distressed companies.  The State recognizes the role of banks and other financial institutions as mobilizers of savings and investments and in providing the needed financial system liquidity to keep the economy afloat.…

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