In a letter to House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) today, American Bankers Association President and CEO Rob Nichols highlighted bank efforts to provide assistance and relief to borrowers and small business owners facing economic hardships due to the coronavirus pandemic.
“Banks are well-positioned to assist their customers and many are already offering a variety of services to individual borrowers and small business owners, 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,” Nichols said. “Banks will explore every option to assist borrowers and will also work with credit reporting agencies to ensure that customers’ credit reports reflect their hardships during this challenging period.”
While it is unknown how long the pandemic will last, Nichols added that “large, regional, midsize and community banks will continue to offer prudent assistance to customers and employees directly affected.” ABA is working to document the efforts of banks nationwide on its dedicated webpage, aba.com/coronavirusresponse.
