Addresses Extensions, Late Fees
March 23, 2020
New York Gov. Andrew Cuomo has issued emergency orders mandating banks offer financial assistance to people and businesses dealing with hardships caused by COVID-19. The governor is mandating 90 days of relief.
In his executive order, the governor said it would be “be an unsafe and unsound business practice” for banks not to grant forbearance to those with financial hardships. The superintendent of the New York Department of Financial Services will write emergency regulations to clarify the issue.
Cuomo is also asking that state bank regulators look into the issue of ATM fees, overdraft fees, and credit card late fees. They’re charged with seeing how the fees impact the consumer, as well as the financial institutions.
Read the NY State banking order.
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