COVID-19: Consumer Loan Forbearance and Other Relief Options [Updated October 23, 2020] [open pdf - 1MB]
From the Document: "A growing number of reported Coronavirus Disease 2019 (COVID-19) cases have been identified in the United States, significantly impacting many communities. The economic impact has been large due to illnesses, quarantines, social distancing, local stay-at-home orders, and other business disruptions. Consequently, many Americans have lost income and faced 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. 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."
CRS Report for Congress, R46356
Congressional Research Service: https://crsreports.congress.gov/