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Banks Working with Customers During COVID-19 Pandemic
Banks Working with Customers During COVID-19 Pandemic
WASHINGTON, D.C. – The well-capitalized and well-regulated banking industry is deeply committed to serving customers, communities and small businesses facing economic hardships as a result of the coronavirus (COVID-19). Banks have already mobilized assistance programs and are eager to continue offering assistance as well as implement federal programs in the CARES Act.
Specific relief being offered by banks, include increased flexibility to meet customer needs, waiving certain fees and coding late or missed payments in a way so consumers’ credit scores are not harmed.
CBA has developed a COVID-19 Resource Hub for information on bank-specific relief and coverage of those efforts is below.
Citibank, Chase, U.S. Bank, Wells Fargo, Bank of America and 40 other financial institutions have agreed to give New Jersey residents a 90-day grace period on mortgages due to the coronavirus pandemic, according to Gov. Phil Murphy. Missed payments during the pandemic will not hurt borrowers' credit.
Full Story: The Hill (3/28)
Citigroup, JPMorgan Chase, US Bank, Wells Fargo and 200 state-chartered banks and credit unions are offering three months of forbearance on mortgage payments for homeowners harmed by the coronavirus pandemic, California Gov. Gavin Newsom says. Bank of America is offering 30 days of relief, he says.
Full Story: Reuters (3/25)
Banks are offering loan deferrals and creating loan products for individuals and businesses affected by the coronavirus pandemic. "There is a place for our industry, in this crisis, to do all we possibly can to mitigate the damage that is happening," said Stephen Steinour, chairman and CEO of Huntington Bancshares.
Full Story: The Associated Press (3/24)
The CEOs of the nation's largest banks told President Donald Trump they're prepared for the effects of the coronavirus and will work with small businesses and consumers affected. Richard Hunt, president and CEO of the Consumer Bankers Association, also attended the meeting to discuss what CBA members were doing to help customers.
Full Story: Politico Pro (subscription required) (3/11)
The banking industry is helping businesses and others affected by COVID-19 with loans and are making decisions on how to limit disease spread within their branches. "Banks have implemented emergency measures to assist impacted customers and small businesses and appreciate statements from regulators allowing for increased flexibility to do so," said Consumer Bankers Association President and CEO Richard Hunt after attending a meeting with President Donald Trump and bank executives.
Full Story: American Banker online (free content) (3/12)
Banks are encouraging customers to call them if they are struggling due to the COVID-19 outbreak and adding information to their websites. Many are encouraging customers to use digital banking options instead of going into bank branches.
Full Story: Forbes (3/12)
Banks are reminding customers about their online and mobile banking services and urging their use to help slow the spread of the coronavirus. Capital One, JPMorgan, Citigroup and others have sent emails to customers encouraging them to make use of digital banking capabilities, while Wells Fargo has shuttered a branch temporarily for deep cleaning after an employee tested positive for COVID-19.
Full Story: Reuters (3/12)
Some banks like Boston's Eastern Bank are offering small-dollar loans to consumers while other banks are offering credit cards to help consumers get through the coronavirus pandemic. Many banks are waiving fees and offering deference on some loans.
Full Story: American Banker online (free content) (3/25)
Three major banks have pledged nearly $160 million to ease social and economic challenges of the coronavirus pandemic. JPMorgan Chase's allocation of $50 million joins commitments from Bank of America and Wells Fargo, and more banks are expected to follow suit.
Full Story: Financial News (UK) (subscription required) (3/18)
The Truist Foundation has pledged $25 million in aid to various communities around the country that are grappling with the COVID-19 virus. Webster Bank is donating $250,000 to nonprofits helping those with urgent needs.
Full Story: Banking Exchange (3/18)
Bank of Hawaii is supporting efforts to fight the coronavirus pandemic with a $100,000 donation to the Healthcare Association of Hawaii. The bank is also donating 1,000 N95 masks and about 200 face shields.
Full Story: Honolulu Star-Advertiser (free content) (3/26)
Banks across the country are making large donations and offering assistance to their customers affected by the COVID-19 emergency. Regions Bank is giving $2.5 million to organizations that support small businesses, waiving fees and allowing affected customers to defer mortgage payments.
Full Story: The Business Journals (tiered subscription model)/Charlotte, N.C. (3/20)
U.S. Bank is increasing its hourly pay for essential employees by 20% during the coronavirus pandemic. The bank also announced a $30 million donation to support relief efforts.
Full Story: The Business Journals (tiered subscription model) (3/23)
About the Consumer Bankers Association:
The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.