ABSTRACT

COVID 19: Consumer Loan Forbearance and Other Relief Options [May 14, 2020]   [open pdf - 1MB]

From the Introduction: "A growing number of reported Coronavirus Disease 2019 (COVID-19) cases have been identified in the United States, significantly impacting many communities. As this situation rapidly evolves, the economic impact due to illnesses, quarantines, social distancing, local stay-at-home orders, and other business disruptions will be large. Consequently, many Americans will lose income and face financial hardship due to the impact of the COVID-19 pandemic. [...] This report focuses on policy responses relating to the financial services industry for consumers who may have trouble paying their loan obligations, such as mortgages, student loans, auto loans, and credit cards. 5 First, it provides an overview of loan forbearance and other possible relief options for consumers. Then, the report discusses relevant CARES [Coronavirus Aid, Relief, and Economic Security] Act provisions and federal financial regulatory responses. Lastly, the report describes the impact this pandemic and the proceeding policy responses have had on financial institutions and consumers."

Report Number:
CRS Report for Congress, R46356
Author:
Publisher:
Date:
2020-05-14
Series:
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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