Pennsylvania AG Shapiro: Bank of America Joins ‘ PA CARE Package’ Initiative, Offering Expanded Consumer Relief
(STL.News) – Attorney General Josh Shapiro today announced that Bank of America has agreed to join the ‘PA CARE Package’, Pennsylvania’s consumer relief initiative. By joining these efforts, Bank of America, along with the Office of Attorney General, will ensure Pennsylvania consumers impacted by the COVID-19 pandemic are eligible for additional economic relief.
Under the ‘PA CARE Package’ initiative, banks and financial institutions are working with the Office’s Bureau of Consumer Protection to both comply with the recently-passed CARES Act and offer additional important protections for consumers affected by the COVID-19 pandemic.
“Pennsylvanians need financial protection during this emergency, which is why we launched PA CARE Package to provide relief right now. I thank Bank of America for joining this effort to help consumers. We can beat this crisis, but consumers and small businesses need to know their rights and use the resources available to them,” said Attorney General Shapiro. “This commitment will help communities and businesses in Pennsylvania who are facing lost wages, lost jobs, and lost income focus on what’s important — staying safe and healthy during this emergency.”
“Our most important commitment must be to workers and families as we make every effort to provide immediate relief to Americans in this crisis,” said Senator Bob Casey. “I am pleased that Bank of America is joining PA CARE Package to provide expanded loan availability to our small and medium sized businesses and extend grace periods for mortgages and late fees. It is vitally important that we help Pennsylvanians access the resources they need and inform them of their rights as consumers. I will continue to work with Attorney General Shapiro and Pennsylvania financial institutions to support small businesses, workers and families.”
“Bank of America is pleased to work with the Attorney General and the Commonwealth of Pennsylvania on a goal we share: to help clients get the assistance and support they need to get through this crisis,” said Jim Dever, Bank of America Philadelphia Market President.
To commit to the ‘PA CARE Package’ initiative, financial institutions and banks must offer additional assistance to Pennsylvanians facing financial hardship due to impacts of the COVID-19 pandemic.
- Expansion of small and medium business loan availability
- 90-day grace period (at least) for mortgages not already covered by the CARES Act’s 180-day grace period
- 90-day grace period for other consumer loans such as auto loans
- 90-day window for relief from fees and charges such as late, overdraft fees
- Foreclosure, eviction, and motor vehicle repossession moratorium for 60 days
- No adverse credit reporting for accessing relief on consumer loans