CBA Statement on Bipartisan COVID-19 Stimulus Package

March 26, 2020
Nick Simpson

CBA Statement on Bipartisan COVID-19 Stimulus Package

 

WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after a bipartisan coronavirus stimulus package was released by Congressional and White House negotiators:

 

“The nation’s leading banks are well-capitalized, well-positioned and already helping customers meet their financial needs during this pandemic. The flexibility granted by regulators has allowed banks to work even faster in delivering relief and this bipartisan stimulus package contains additional assistance for Americans and small businesses.

 

“Banks are ready and eager to continue offering assistance as well as implement new or expanded programs designed to help small businesses and individuals when stimulus programs are signed into law.”

 

What Banks Have Done to Prepare for New Stimulus Measures:

 

  • CBA has already been in touch with the Small Business Administration to help streamline the implementation of the 7(a) loan program expansion. CBA is conducting daily calls with members of CBA’s Small Business Banking Committee and the National Association of Government Guaranteed Lenders to discuss implementation.

 

  • CBA has also been working with the Department of Treasury and the IRS on ways to reduce fraud and implement direct assistance to individual Americans. Ensuring Americans have quick access to funds will be critical and CBA member banks have encouraged monetary assistance to be issued through ACH payments, when possible. For individuals who receive physical checks, banks have also proactively increased remote deposit capture limits to reduce branch traffic, which could jeopardize public health.

 

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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.