Spotlight on Forbearance: NEW investigation finds banks were accused of pushing risky mortgage forbearance policies to struggling homeowners seeking COVID-19 relief. The Committee for Better Banks searched the Consumer Financial Protection Bureau’s (CFPB) Consumer Complaint Database for complaints submitted from March 25 through August 13 regarding forbearance-related issues. See the entire analysis here. Click here to download a pdf version.
The Committee for Better Banks Accountability Project reviewed publicly available information related to corporate responses to the Covid-19 pandemic for three constituent groups: workers, small businesses, and consumers. We reviewed bank websites, media reports, corporate financial disclosures, and internet based sources to evaluate how each bank performed during the first three months of the novel coronavirus pandemic (March – May). Banks received a letter grade based on a percentage score of a total of 115 points. A bank would not be graded for performance under any metric if it did not have a related business line resulting in some of the banks having fewer maximum eligible points. Percentage scores were calculated dividing total awarded points by total eligible points.
Grades were based on percentage scores:
A (100-90%),
B (89-80%),
C (79-70%),
D (69-60%),
F (<59%).
