Letter to Mary McNiff, CEO of Citibank, Jamie Dimon, CEO of JPMorgan Chase, Richard Fairbank, CEO of Capital One, Brian Moynihan, CEO of Bank of America, Roger Hochschild, CEO of Discover, Margaret Keane, CEO of Synchrony Financial, Stephen Squeri, CEO of American Express, Charles Scharf, CEO of Wells Fargo, and Andrew Cecere, CEO of U.S. Bank - Congressman Johnson, 45 Members Asking Credit Card Companies to Suspend Interest, Late Fees

Letter

Dear Madam or Sir:

The COVID-19 (coronavirus) pandemic will present many hardships for Americans across the nation. We believe that you, as our country's largest credit card issuers, have a unique opportunity and responsibility to help mitigate some of the financial harms Americans face as a result of this pandemic. Specifically, we urge you to suspend collecting interest on balances and waive all late fees during the duration of the COVID-19 pandemic.

With Americans being directed to stay home and practice social distancing to prevent the spread of this deadly pandemic, many businesses across the country have been forced to temporarily close their doors. As a result, many hourly workers will face significant financial burdens and have difficulty covering their basic living expenses, including rent, groceries, and medicine.

Some Americans have already experienced coronavirus-prompted layoffs, worsening their financial hardship. A recent poll indicates nearly one in five Americans have already seen a reduction in their work hours or have been let go from their job,[1] and it is likely that will see an increase in these numbers. These hardships will undoubtedly have a disproportionate effect on working families and low-income households across the nation. With many families living paycheck to paycheck, the sudden nature of this pandemic has not allowed for people to financially prepare for the impending economic crisis.

We urge your institutions to suspend collecting interest, fees, and take any other actions to ease the financial burden on customers during the COVID-19 pandemic. It is important that we work together to protect Americans during this public health emergency so that we can ensure we have a stronger economy for years to come.