As Congress and the Administration respond to the coronavirus disease (COVID-19) crisis, credit unions and banks will continue to offer assistance to customers directly affected, wrote CUNA and other financial services trade organizations. CUNA and the other organizations responded to a letter from Sens. Mark Warner (D-Va.), Jack Reed (D-R.I.), Bob Menendez (D-N.J.), Elizabeth Warren (D-Mass.), Brian Schatz (D-Hawaii), Chris Van Hollen (D-Md.), Catherine Cortez Masto (D-Nev.) and Doug Jones (D-Ala.) encouraging prudent and appropriate actions to assist consumers.
“We share your concern about the toll the spread of this disease is taking on customers, communities and the broader economy. At this time of significant challenge to the nation, we can report that banks and credit unions across the country are stepping up to help those affected,” the letter reads. “We are in the business of serving customers, especially when an unexpected hardship strikes. Banks and credit unions are well positioned to assist customers and many have already begun the process of reaching out to offer a variety of services to individual borrowers and small business owners alike, including but not limited to fee waivers; deferred payments for credit cards, auto loans and mortgages; loan modifications; low-rate and zero-rate loans and other accommodations.”
The letter also states the importance of regulatory agencies continuing to work with financial institutions to assist borrowers, and thanks regulators for their proactive and responsive efforts so far.