ResearchAndMarkets.com published a new article on the financing industry, "Consumer Lenders Take Steps to Support Customers Amid COVID-19"
In the US, under the Small Business Administration’s Paycheck Protection Program banks have seen a huge increase in their numbers of loans. Regulators have also relaxed rules to allow banks to offer small-dollar loans. Advocates for the change argue that it is better that banks provide such loans than other financial institutions like high-interest payday lenders. Some states have asked lenders not to increase interest rates or fees during the coronavirus and to provide flexibility for customers who have lost their jobs due to the outbreak. Several banks such as Ally Financial, Bank of America, Citi and Fifth Third Bank have also taken steps to provide assistance to customers including deferred loan payments, waiving of account fees and credit card payment deferrals.
The Consumer Financial Protection Bureau has also announced that it will postpone quarterly reporting under the Home Mortgage Disclosure Act to allow financial institutions to focus their resources on assisting customers. They have also announced that enforcement activities against financial institutions will take into account the staffing and resource challenges faced by the institution. As more consumers receive CARES Act funding they may rely less on consumer lending in the short term.
To see the full article and a list of related reports on the market, visit "Consumer Lenders Take Steps to Support Customers Amid COVID-19"
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