The one thing that the coronavirus pandemic has revealed is that a full quarantine is an option for the wealthy only, and by the wealthy, the 1%. Only they will survive this pandemic with limited changes to their lives.
Health inequities in the United States have seemingly been exacerbated during the recent coronavirus outbreak. Unfortunately, prior to this pandemic, certain groups like low-income families, patients who do not speak English as a primary language and people of color were among the most susceptible to be treated unfairly and lack appropriate access to care and resources.
Your credit reports and scores play an important role in your future financial opportunities. You can use these steps to manage and protect your credit during the COVID-19 (coronavirus) pandemic.
A diverse coalition of community-based organizations called on the OCC and the FDIC to immediately suspend the comment period for the proposed changes to CRA until after the health and financial crisis brought on by the coronavirus global pandemic is over.
Today, the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) released a joint statement providing guidance to financial institutions on how they can receive credit on their Community Reinvestment Act (CRA) activities to low- and moderate-income people and communities affected by the coronavirus.
“Today, we saw Congress and President Trump take important steps to protect Americans against both health and economic repercussions of COVID-19….this is a great first step, but there will need to be others,” said Jesse Van Tol, CEO of NCRC.
The coronavirus is quickly spreading across America, raising concerns that aren’t only health related. While the full economic implications of the disease are still unknown, what we do know is that the people who will face the biggest financial impacts of COVID-19 are the same people who are already financially strapped.