CBA Statement on White House Coronavirus Meeting with Bank Executives

March 11, 2020
Nick Simpson

CBA Statement on White House Coronavirus Meeting with Bank Executives

 

WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after attending the White House meeting with financial executives to discuss the coronavirus:

 

“Banks have implemented emergency measures to assist impacted customers and small businesses and appreciate statements from regulators allowing for increased flexibility to do so.

 

“Over the last decade, banks have built strong foundations, including the doubling of capital reserves, passing increasingly strong stress tests and a continued decline in problem institutions.”

 

NOTE: CBA is holding biweekly calls with member banks to discuss what institutions are doing to help customers.  Many banks in areas with coronavirus cases have already implemented emergency response plans both internally and externally. Specific actions being taken by banks, include:

  • Increased flexibility to meet customer needs, including like waiving certain fees, allowing early CD withdrawals, increased remote deposit limits for small businesses, credit line increases and forbearance programs;
  • Formation of task forces at various levels of the bank to assess and respond;
  • Monitoring supply chain implications for businesses and consumers;
  • Extra cleaning of high-traffic areas and making sanitizer available for customers and employees; and
  • Testing contingency plans for off-site and remote work.

 

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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.