Interviewed on CBS News’ “Face the Nation” this morning, Bank of America Chairman and CEO Brian Moynihan emphasized the role banks are playing in the global “war” on coronavirus.
For example, he emphasized that customers should call the bank if they or their business is affected the COVID-19 and they can’t make a payment. “We defer the payment,” he said. “We’ve done it for every natural disaster. But we’re not alone as a company. The whole industry does this. This is what we do.” American Bankers Association President and CEO Rob Nichols made similar comments in a White House meeting last week in which included Moynihan and other major bank CEOs briefed President Trump on the industry’s coronavirus response.
In the CBS interview, Moynihan emphasized banks’ strong capital and liquidity position, noting that the “industry comes in with capital [and]liquidity that is so different than the last crisis.” He also addressed how banks are working to protect their employees from the risks posed by COVID-19.