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AG Shapiro: OceanFirst Bank Joins ‘PA CARE Package’ Initiative, Offering Expanded Consumer Relief

April 6, 2020 | Topic: Consumers

HARRISBURG―Attorney General Josh Shapiro today announced that OceanFirst bank has agreed to join the ‘PA CARE Package’, Pennsylvania’s consumer relief initiative. By joining these efforts, OceanFirst Bank, along with the Office of Attorney General, will ensure Pennsylvania consumers impacted by the COVID-19 pandemic are eligible for additional economic relief.

Under the ‘PA CARE Package’ initiative, banks and financial institutions are working with the Office’s Bureau of Consumer Protection to both comply with the recently-passed CARES Act and offer additional important protections for consumers affected by the COVID-19 pandemic.

“Pennsylvanians need financial protection during this emergency, which is why we launched PA CARE Package to provide relief right now. I thank OceanFirst Bank for joining this effort to help consumers. We can beat this crisis, but consumers and small businesses need to know their rights and use the resources available to them,” said Attorney General Shapiro. “This commitment will help consumers and businesses in the Philadelphia area who are facing lost wages, lost jobs, and lost income focus on what’s important — staying safe and healthy during this emergency.”

“OceanFirst Bank is committed to supporting our customers and community during this unprecedented time and we are proud to join the Commonwealth to provide the PA CARE Package,” said Susanne Svizeny, Executive Vice President, Market President of Greater Philadelphia. “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.  We will continue to be here for our clients and neighbors as together we work to face the financial hardships of this pandemic.”

To commit to the ‘PA CARE Package’ initiative, financial institutions and banks 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 (at least) for mortgages not already covered by the CARES Act’s 180-day grace period
  • 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, and motor vehicle repossession moratorium for 60 days
  • No adverse credit reporting for accessing relief on consumer loans

For more information on the ‘PA CARE Package’ initiative, visit the Pennsylvania Office of Attorney General’s Coronavirus webpage at www.attorneygeneral.gov/COVID19.

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