ABA, Banking Groups Detail COVID-19 Response in Senate Letter

In a letter to several Democratic members of the Senate Banking Committee, the American Bankers Association and other financial trade groups detailed what the banking industry is doing to help customers, communities and the broader economy through the coronavirus crisis.

“At this time of significant challenge to the nation, we can report that the American financial system is strong and resilient,” the groups said. “Banks and credit unions across the country stand ready to support their customers and members and are working to help those affected.”

Actions taken by financial institutions have included fee waivers, deferred payments, loan modifications and emergency low-rate and zero-rate loans. Banks and credit unions are also helping customer fully employ mobile and online banking platforms, as well as donating to public health relief and response efforts, the groups said. The letter also detailed actions taken to assist bank and credit union employees.