AG Shapiro: WSFS Bank Joins ‘PA CARE Package’ Initiative, Offering Expanded Consumer Relief
HARRISBURG―Attorney General Josh Shapiro today announced that WSFS bank has agreed to join the ‘PA CARE Package’, Pennsylvania’s consumer relief initiative. By joining these efforts, WSFS 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 WSFS 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 Pennsylvanians who are facing lost wages, lost jobs, and lost income focus on what’s important — staying safe and healthy during this emergency.”
“For more than 188 years, WSFS Bank has stood for one thing: Service,” said Rodger Levenson, WSFS Bank Chairman, President and CEO. “We appreciate the partnership with the state of Pennsylvania and stand ready to provide needed relief during these challenging times. We will get through this by working together and doing what’s right for our communities.”
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, visit wsfsbank.com.
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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