FOR IMMEDIATE RELEASE
March 17, 2020
Credit Union National Association (CUNA) and several 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.
Credit unions and banks are committed to seeking consumer needs as the pandemic spreads through American communities. As Congress and the Administration respond to the coronavirus (COVID-19) crisis, credit unions and banks will continue to offer assistance to customers that have been directly impacted.
“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 said. “We are in the business of serving customers, especially when an unexpected hardship strikes.”
Banks and credit unions are prepared to assist by offering 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 emphasizes 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.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 115 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.