As during the 2008 global financial crisis, the US financial regulators and Congress are taking emergency action to ensure the availability of liquidity and credit to the US financial system in response to the COVID-19 pandemic. US branches and agencies of non-US banks (US Branches) are in many regards treated as US financial institutions for the purpose of these actions. US Branches may be positioned to realize benefits through participation in US COVID-19 programs and facilities but also will need to carefully navigate the COVID-19-related compliance requirements of the quickly changing US financial regulatory landscape.