California Banks Respond to Governor Newsom’s Announcement

Press release

SACRAMENTO, Calif. – The California Bankers Association released the following statement today following Governor Newsom’s press conference.

“Since the beginning of this national pandemic, California’s banks have been outreaching and working proactively and constructively with customers to minimize the adverse financial effects of this crisis.

“As announced by the governor today, a number of national banks and state-chartered banks have now pledged to a 90-day forbearance on mortgage payments and a 60-day moratorium on foreclosures for those impacted by the COVID-19 virus. We applaud those banks that have committed to this pledge, and also recognize the commitment all banks across the state are making to work with their customers on an individual basis to discuss their specific financial situation and find customized solutions that help mitigate the financial impact of the virus.

“The banking industry has stepped up significantly in the recent weeks, offering a variety of support to individuals and small business owners including fee waivers; deferred payments for credit cards, auto loans and mortgages; loan modifications; low-rate and zero-rate loans and other accommodations.

“We also want to acknowledge and thank those bank employees who are on the front lines, keeping bank branches open and delivering essential financial services to their customers and communities during this difficult time. California banks are also providing substantial donations to charitable organizations that provide important relief during emergency situations.

“We are very proud of the level of support our member banks are able to provide, and will continue to provide, to their customers and communities during this time of crisis.”

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