Attorney General Josh Shapiro today announced that First Commonwealth Bank, headquartered in Indiana, has agreed to join the PA CARE Package, Pennsylvania’s consumer relief initiative. By joining these efforts, First Commonwealth 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 First Commonwealth 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 Shapiro. “This commitment will help consumers 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.”
“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,” said Dave Reed, regional president of First Commonwealth Bank in Indiana County. “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. And, as a SBA preferred lender, we plan to participate at the highest level possible in the CARES Act Paycheck Protection Program to help our business customers apply for the funding recently made available to help businesses keep workers employed.”
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, including:
• 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.
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…