As the World Health Organization officially labeled the 2019 novel coronavirus a global pandemic today, American Bankers Association President and CEO Rob Nichols joined CEOs from some of the nation’s largest banks at a White House meeting with President Trump this afternoon to discuss the financial industry’s response.
Nichols emphasized that ABA is working to help banks of all sizes “build continuity and resiliency programs so we can keep the banking system open to support our customers and clients who in many cases are facing a time of need.” He added that “that’s what banks do . . . stick by their customers in good times and challenging times, and that’s what all the banks in the United States are doing today.”
Attendees at the meeting also discussed steps that banks are taking to accommodate customers and ensure the well-being of employees and the continuance of daily operations, such as:
Offering assistance to affected customers through fee waivers, hardship programs, additional small business support, extended banker availability hours and other measures
- Advising customers who are experiencing financial difficulties to contact bank managers and lenders for help
- Donating funds to support the domestic and global response and to aid public health relief efforts
- Implementing remote work for non-customer facing staff
- Increasing social distancing measures for all customer-facing staff
- Restricting staff travel
