01/11/2019 | Press release | Distributed by Public on 01/11/2019 17:31
CBA Writes Prudentials on Shutdown Assistance Programs for Customers
CBA outlines assistance programs, Thanks agencies for regulatory guidance
WASHINGTON - Consumer Bankers Association President and CEO Richard Hunt today wrote prudential regulators outlining the assistance programs banks are proactively offering customers impacted by the partial government shutdown. The letter also thanked regulators for offering guidance similar to that issued during previous shutdowns.
'Consumer Bankers Association member institutions work with customers facing hardships - whether manmade or natural - every day. Banks are working with customers on a one-on-one basis as the partial government shutdown continues and federal employees, through no fault of their own, begin missing paychecks and small businesses are not able to access Small Business Administration loans,' Hunt wrote. 'We know federal employees had no role in this shutdown, neither did banks. As with so many other issues ranging from wildfires, floods and hurricanes to data breaches at retail giants, banks are the ones on the front lines helping make it right for their customers.'
Hunt thanked regulators for the guidance issued today, noting it 'will enable banks to do more for their customers impacted by this partial shutdown.'
Regulators this afternoon issued a joint statement noting, 'Prudent workout arrangements that are consistent with safe-and-sound lending practices … should not be subject to examiner criticism.' This guidance, Hunt said, 'will enable banks to do more for their customers impacted by this partial shutdown.'
Since the partial shutdown began on December 22, 2018, banks have offered furloughed federal workers a variety of assistance, including:
A full copy of the letter is available here.
About the Consumer Bankers Association
The Consumer Bankers Association represents America's leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA's corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.