State Attorney General Josh Shapiro has announced that First Commonwealth Bank is the second bank in Pennsylvania to sign on for the PA CARE Package, making consumers impacted by Covid-19 eligible for additional economic relief.
The initiative announced yesterday pulls together banks and financial institutions with the attorney general’s Bureau of Consumer Protection to relieve the pressure from lost wages, jobs, and income so that they can focus on staying safe and healthy. Governor Wolf has pledged the support of the Department of Banking and Securities.
Among the new protections are:
- 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
Dave Reed, First Commonwealth Bank’s Regional President, says the bank quickly took action as the ramifications of the pandemic began to take shape, offering three months of payment deferrals on consumer and small business loans, including credit card payments, without impacting credit bureau ratings. They’ve also taken a reprieve on initiating repossessions until further notice, and Reed says the bank plans to participate in the PA Care Package “at the highest level possible”, including helping business customers apply for the recently-announced funding to keep their workers employed.
Attorney General Shapiro and First Commonwealth Bank’s Dave Reed will appear on Indiana In the Morning on WCCS at 9:45 on Wednesday morning.
ADDITIONAL INFORMATION:
First Commonwealth Bank customers experiencing COVID19-related financial hardship should visit the dedicated webpage that First Commonwealth Bank has created to assist impact customers seeking financial assistance. Customers can access this dedicated page by visiting https://www.fcbanking.com/why-us/contact-us/coronavirus-update/. In many cases, impacted customers can request relief simply by completing an online form, and impacted customers are encouraged to do so. Consumers should only use First Commonwealth Bank’s official website to access this information and not use websites offered by third parties purporting to connect consumers with their bank or benefits under the CARES Act. Customers may also contact First Commonwealth Bank’s toll-free customer service line at 1-800-711-BANK(2265).
For more information on ‘PA CARE Package’, visit the Pennsylvania Office of Attorney General’s Coronavirus webpage at www.attorneygeneral.gov/COVID19.
LINK TO ATTORNEY GENERAL JOSH SHAPRIO’S ANNOUNCEMENT:
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