FOR IMMEDIATE RELEASE
May 18, 2020
Washington, D.C. – Financial Services President & CEO Kevin Fromer joined the hosts of CNBC’s “Closing Bell” to discuss the critical role large U.S. financial institutions play in supporting the economy and their customers, businesses, and communities across the country weathering the current economic challenges brought on by COVID-19.
Following are highlights from the interview:
On the Government-Led Paycheck Protection Program (PPP):
“Overall, the pace at which the Congress intended the agencies and the banks to put these funds out has been met. There is still $100 billion left in PPP right now and the program has performed as Congress intended.”
On Forum Members Participating in PPP
“I think the banks are performing well with this program. Our Forum members have processed 750,000 PPP loans. A little under half are under $25,000 per loan and over half of them are going to small businesses that employ four or fewer employees.”
On Strength of Large Financial Institutions:
“As we went into this period, each of these institutions was in extremely strong shape from a capital/liquidity standpoint… Their focus has been how to use that strength to support the economy.”
On Continuing to Navigate the Global Pandemic:
“As we go into the second, third and fourth quarters under whatever circumstances we face….the focus is using the strength to support the economy.”
The Financial Services Forum is an economic policy and advocacy organization whose members are the chief executive officers of the eight largest and most diversified financial institutions headquartered in the United States. Forum member institutions are a leading source of lending and investment in the United States and serve millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, deep and liquid capital markets, a competitive global marketplace, and a sound financial system.
CONTACT: Julia Lawless