Pennsylvania AG Shapiro: InFirst Bank Joins ‘PA CARE Package’ Initiative, Offering Expanded Consumer Relief
(STL.News) – Attorney General Josh Shapiro today announced that InFirst Bank has agreed to join the ‘PA CARE Package’, Pennsylvania’s consumer relief initiative. By joining these efforts, InFirst Bank, 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 InFirst Bank 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 western and central Pennsylvania who are facing lost wages, lost jobs, and lost income focus on what’s important — staying safe and healthy during this emergency.”
“InFirst Bank has been proudly serving our communities since 1922,” said InFirst Bank President & CEO, Tim Kronenwetter. “We are pleased to join the efforts of the PA Attorney General’s office in assisting our customers during this time of challenge and hardship. The PA Care Package initiative isn’t just necessary, it’s the right thing to do.”
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