HARRISBURG, Penn.—Pennsylvania Attorney General Josh Shapiro has announced the launch of “PA CARE Package,” a consumer relief initiative.
“PA CARE Package” is focused on partnering with credit unions, banks, and other financial institutions across the Commonwealth to ensure Pennsylvania consumers impacted by the COVID-19 pandemic are eligible for economic relief, according to the Cross State Credit Union Associations.
This Pennsylvania program will implement and expand the recently-passed CARES Act to protect Pennsylvania consumers.
According to the CrossState CU Association, under the “PA CARE Package” initiative, credit unions, banks, and other financial institutions will be working with the Pennsylvania Office of Attorney General’s Bureau of Consumer Protection to offer additional important protections for consumers affected by the COVID-19 pandemic.
What CUs Must Offer
To commit to the “PA CARE Package” initiative, credit unions must offer additional assistance to Pennsylvanians facing financial hardship due to impacts of the COVID-19 pandemic.
- Expansion of small and medium business loan availability
- 90-day grace period for mortgages (at least)
- 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, or motor vehicle repossession moratorium for 60 days
- No adverse credit reporting for accessing relief on consumer loans