On Tuesday, banking and credit union associations sent a joint letter to Senate Banking Committee Democrats responding to their inquiry regarding actions banks and credits unions are taking to assist customers, members, consumers and financial institution employees impacted by the recent spread of the coronavirus. “Banks and credit unions are well positioned to assist their customers and members and many are 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,” the associations wrote in their letter. The letter also identified efforts that banks and credit unions are taking to help customers utilize mobile and digital banking platforms, as well as to execute business continuity plans to ensure the financial system can continue to play its critical role in the economy.
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