Banks should prepare for an uneven recovery that may last longer than the end of this year, said Patrick Harker, president of the Federal Reserve Bank of Philadelphia.

“I want to urge banks to retain capital as we prepare to enter a tough period,” Harker said in prepared remarks. “In my personal opinion, they probably shouldn’t be issuing large dividends at the moment.”

The US has not yet taken measures to restrict bank dividend payments during the pandemic, in contrast to some of its European