Passenger with face mask is seen in a metro train in Manhattan of New York, the US, on March 4. Photo: Xinhua

US federal and state financial regulators on Monday urged banks to meet the financial needs of "customers and members" impacted by the COVID-19 outbreak.

"The agencies recognize the potential impact of the coronavirus on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision," said the regulators, including the Federal Reserve (Fed) and the Federal Deposit Insurance Corporation, in a joint statement.

The regulators said that financial institutions should "work constructively" with borrowers and other customers in affected communities.

"Prudent efforts that are consistent with safe and sound lending practices should not be subject to examiner criticism," the statement added.

The regulators also said that they will "expedite, as appropriate, any request to provide more convenient availability of services in affected communities", as many financial institutions may face current staffing and other challenges due to the spread of the epidemic.

The statement came after the Dow Jones Industrial Average cratered 2,013.76 points, or 7.79 percent, on Monday, as concerns over oil-price plunge and the continued spread of the coronavirus gripped the financial markets.

The Fed last week lowered the target range for the federal funds rate by 50 basis points to 1 to 1.25 percent, its first emergency rate cut since the 2008 financial crisis, as the COVID-19 outbreak has posed "evolving risks" to economic activity.