The list of financial institutions affiliated with PA CARE Package, a program slated to facilitate the rollout of the $2.2 trillion CARES Act in Pennsylvania, is growing and now includes banks from across the country with branch locations in the commonwealth, as well as some based in the midstate.
Fulton Bank, a Lancaster-based subsidiary of Fulton Financial Corporation, is the latest bank to join the initiative, in which banks help clients and consumers impacted by the COVID-19 pandemic qualify for economic relief, according to an announcement from Attorney General Josh Shapiro’s office Tuesday.
“Fulton Bank is proud to pledge its commitment to this initiative, as our existing COVID-19 Customer Relief and Assistance programs align with the PA CARE Package,” said Curt Myers, chairman and CEO of Fulton Bank, in a statement Tuesday, in which he commended the commonwealth’s PA CARE Package program.
The attorney general’s office on Monday announced OceanFirst Bank, with headquarters in Toms River, New Jersey, has also joined the initiative.
“Since our founding in 1902, OceanFirst has stood by our customers during times of hardship that, in this century, included Superstorm Sandy and 9/11,” said Susanne Svizeny, executive vice president. “We will continue to be here for our clients and neighbors as together we work to face the financial hardships of this pandemic.”
Providence, Rhode Island-based Citizens Bank also joined the initiative. Dan Fitzpatrick, president of Citizens’s Mid-Atlantic region, said it’s important that banks play a critical role in helping provide economic stability during the COVID-19 event.
“From the beginning of the coronavirus epidemic, Citizens has been working closely with customers and clients to provide relief for those who have been affected,” said Dan Fitzpatrick, president of Citizens Bank’s Mid-Atlantic region.
To commit to the PA CARE Package program — administered by the Bureau of Consumer Protection under the Pennsylvania Office of the Attorney General — financial institutions agree to provide enhanced assistance to Pennsylvanians facing the financial trials due to the pandemic. These include:
- Expansion of loan availability for small and medium-sized businesses
- 90-day grace period for mortgages that are not covered by the CARES Act and other consumer loans, such as auto loans
- 90-day window of relief from late and overdraft fees
- Foreclosure, eviction and motor vehicle repossession moratorium for 60 days
- No adverse credit reporting for accessing relief on consumer loans