First Commonwealth Bank recently agreed to join PA CARE Package, Pennsylvania’s consumer-relief initiative.
The initiative ensures banks and financial institutions work with the Bureau of Consumer Protection to both comply with the CARES Act and offer protections for consumers affected by the COVID-19 pandemic.
Banks and financial institutions must expand small- and medium-business loan availability; offer a minimum 0-day grace period (at least) for mortgages not already covered by the CARES Act’s 180-day grace period and consumer loans such as auto loans; offer a 90-day window for relief from charges, such as late and overdraft fees; put a 60-day moratorium on foreclosures, evictions, and motor vehicle repossessions; and there should be no adverse credit reporting for accessing relief on consumer loans.
“We quickly took the path of extending payment relief to our customers by offering three months of loan payment deferral on consumer or small business loans, including credit card payments, without credit bureau impact,” Dave Reed, regional president of First Commonwealth Bank in Indiana County, said. “We’ve taken a reprieve on initiating any repossession activity until further notice. Assisting consumers facing financial hardship due to this pandemic is a top priority and we’re proud to be here to help our customers and their businesses through these challenging times.”