For Immediate Release:
Thursday, June 4, 2020
Laura Brewer (919) 716-6484
(RALEIGH) Attorney General Josh Stein today announced the Carolina Relief Plan, an effort for financial institutions to support their customers who are facing financial hardship related to COVID-19. Bank of America is the first financial institution to sign on to the agreement. Full text of the agreement is available here.
“I commend Bank of America – one of the nation’s largest financial institutions – for taking a leadership role in working with their thousands of North Carolina customers who need help right now,” said Attorney General Josh Stein. “We are in an unprecedented crisis that calls for unprecedented action. The Carolina Relief Plan, which my office developed, will make a much-needed difference for people who are struggling to make ends meet.”
“The people in North Carolina impacted by this health crisis are facing many extraordinary challenges and financial difficulties,” said Charles Bowman, North Carolina market president, Bank of America. “We support Attorney General Stein’s efforts and remain committed to helping clients get the support they need to get through this and move forward.”
Under the Carolina Relief Plan, Bank of America will:
- Allow eligible customers to request a 90-day grace period on their residential mortgage payments that are not already covered by the CARES Act. Customers can apply for that grace period through at least June 30, 2020. Bank of America also agrees to work with these customers on a reasonable repayment plan after forbearance.
- Allow eligible customers to request assistance for payment extensions of auto loan accounts. Customers can apply for the extension through at least June 30, 2020. The company also will continue to place involuntary auto repossessions on hold through at least June 30, 2020.
- Allow eligible customers to request relief from monthly maintenance fees, overdraft fees, and CD early withdrawal penalties (subject to applicable federal regulations). Customers can apply for the relief through at least June 30, 2020.
- Place a moratorium on residential mortgage foreclosures of occupied properties and consumer auto repossessions through at least June 30, 2020.
- Refrain from reporting loans subject to agreed upon accommodations related to COVID-19 as delinquent.
- Inform customers about the assistance they are being offered and alert them to the heightened risk of scams during the COVID-19 pandemic.
As additional financial institutions sign on to the Carolina Relief Plan, our office will make that information available.