The Oregon Bankers Association (OBA) and banks serving Oregon communities are proactively addressing the rapidly developing issues related to the current coronavirus (COVID-19) pandemic.
The highest priority of the banking industry is the health and safety of employees, customers and communities. As such, banks are taking many precautions and proactive measures. Fortunately, banks have well-developed risk management practices and business continuity plans, which means they are prepared to respond to the evolving pandemic response while delivering uninterrupted service to their customers.
Moreover, current capital and liquidity levels in the banking industry are very high, which means banks are well-positioned to withstand the economic impact of this challenging time and to help their customers do the same.
Some of the steps banks are taking include enhancing cleaning and sanitation practices, implementing remote work policies for non-customer-facing staff, increasing social distancing measures for all customer-facing-staff and restricting staff travel. When possible, customers are encouraged to use online and mobile banking to monitor their accounts, check balances, make payments, transfer funds and deposit checks. Additional options include using ATMs, night depositories, drive-thrus and calling your bank directly for assistance. Customers can also take advantage of their debit and credit card when making payments.
Many banks are also taking steps to accommodate impacted customers through small-business support, select payment deferrals, hardship loan programs and other measures based on individual circumstances. We encourage any customer who is experiencing a hardship due to the pandemic to contact their financial institution as soon as they can to specifically discuss their individual financial situation and understand what assistance may be available to them. Customers can also check their financial institutions’ website for updates and options.
“We know this is an extremely challenging and uncertain time,” said OBA Chair Craig Wanichek, president and CEO of Summit Bank. “Talk with your banker, share your plan. We are here to help you address the financial impacts of COVID-19 on your business or personal financial situation.”
OBA’s website includes a page, oregonbankers.com/coronavirus-response – with information and links related to the Oregon banking industry’s coronavirus response. The association and its member banks will continue to closely monitor the situation and take additional measures as advised to protect and support employees, customers and communities.
