Bank of America CEO on payment deferrals:

[dalton99a]

https://www.cbsnews.com/news/transcript-brian-moynihan-on-face-the-nation-march-15-2020/

The following is a transcript of an interview with Bank of America CEO Brian Moynihan that aired Sunday, March 15, 2020, on "Face the Nation."

MARGARET BRENNAN: And- and it's that uncertainty of not knowing when and where that is- is weighing on everyone so much. You said your bank is going to treat this like a natural disaster and help consumers. What specifically does that mean? If someone can't make their mortgage payment or pay their credit card, what are you doing for them?

MOYNIHAN: They call the number on the card and they say, I'm affected by the disease, and I can't make my payment. We defer the payment. We've done it. We did it for the employee- government employees that were shut down. We've done it for every natural disaster. But we're not alone as a company. The whole industry does this. This is what we do. And then with small businesses and others, when they have, you know, issues in terms of cash flow, they come to us and we help work through it. So the idea is you don't want people to be penalized, much like the bill in Congress is trying to take care- if you think about you're in a war and you have to deal with the people who are going to fall out of that, and the question is, the people in Congress, as Larry was just talking about, they're trying to deal with it more systematically. Healthcare or health leave benefits, unemployment benefits. We're trying to deal with the other side, which is I can't make my payment. Call us, and we'll make it right.

[calimary]

1. Mind if we hold you to that, Mr. Moynihan?

I hope so. A LOT of people will be stuck at home caring for the kids and not working because their jobs got shut down. Through no fault of their own.

[napi21]

2. I don't know that I'm buying the story that "That's what we do". I never heard of it before.

But if she committed to doing it for those affected by the virus, that's a good thing for everyone.