September 7, 2017

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What Consumers Impacted by Hurricane Harvey Need to Know About Assistance from Financial Companies

Consumers should know their financial institutions are doing many things to ensure their customers receive relief in this time of need.

What Consumers Impacted by Hurricane Harvey Need to Know About Assistance from Financial Companies
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What Consumers Impacted by Hurricane Harvey Need to Know About Assistance from Financial Companies

FSR Announces Forthcoming Effort to Assist Homeowners Impacted by Harvey

 

WASHINGTON – Following the destruction left by Hurricane Harvey, the Financial Services Roundtable and its Housing Policy Council (HPC) are announcing an effort to provide homeowner assistance to those impacted.

The effort will leverage our “Hope Now” program, which provides an on-the-ground, face to face connection with affected customers and financial institutions. The effort is currently being organized and will deploy soon. Financial companies who participate in FSR’s Housing Policy Council represent the largest financial companies and mortgage servicing providers in America and will be able to provide critical assistance to homeowners on the ground in Texas.

Hundreds of thousands have been impacted by Hurricane Harvey and it is important those victims are able to access and maintain control of their finances and access to money. Consumers should know their financial institutions are doing many things to ensure their customers receive relief in this time of need. Although customers should check with their financial institution for specifics, examples of temporary relief in the affected area includes:

  • Deploying mobile financial centers, mobile ATMs and waiving ATM fees in the affected areas for a period of time
  • Waiving or refunding late fees for mortgages, credit cards, auto loans and more for a period of time
  • Waiving interchange fees on donations made for relief efforts
  • Increasing emergency lines of credit
  • Raising monthly mobile deposit limits
  • Waiving withdrawals on CDs, fees on wire transfers, check returns and other related items for a period of time
  • Providing grace periods and forbearance programs on mortgage payments and other loans
  • Providing payment extensions on insurance policies
  • Deploying a wave of crisis insurance adjusters to ensure home and business owners are able to obtain the necessary finances to repair and rebuild

Financial companies are also donating extensive financial resources to the recovery efforts. Although not an exhaustive list, donations and matching contributions by FSR members could reach $16 million, including:

M&T Bank: Initial contribution of $150,000 to the American Red Cross to assist victims of Hurricane Harvey. M&T will also match all contributions made to the American Red Cross by its employees, directors and retirees for up to an additional $100,000.

BMO Financial Group: Donation of $100,000 to the American Red Cross.

JPMorgan Chase: The firm will donate $1 million to the American Red Cross and other nonprofit organizations. It also will match employee donations to these organizations.

MUFG Union Bank: Donate $100,000 to Houston-area nonprofits to help with recovery and rebuilding efforts. The bank will also match dollar-for-dollar employee donations made towards relief efforts.

Capital One: Capital One has made a $750,000 commitment to support disaster relief efforts. Our contribution includes $500,000 to the American Red Cross Disaster Giving Program, and an additional $250,000 toward local nonprofits supporting short- and long-term relief and recovery efforts. This contribution includes a company match of employee donations directed to local American Red Cross chapters.

Allstate: Allstate and The Allstate Foundation Pledge $1.5 million to Hurricane Harvey relief and recovery.

Regions: Donating $100,000 for Hurricane Harvey relief efforts. The funds will be divided between the United Way of Greater Houston’s Flood Relief Fund and a relief program to assist Regions associates directly affected by the flooding.

Northern Trust: Northern Trust announced today it will make $125,000 in contributions, primarily to the American Red Cross, to support Hurricane/Tropical Storm Harvey relief efforts in the Houston area.

KeyBank: KeyBank Foundation made a $100,000 donation to the American Red Cross and the Houston Food Bank in support of the relief efforts. $50,000 is going to the Red Cross and $50,000 is going to the Houston Food Bank.

Fifth Third Bank: Fifth Third Bank is donating $50,000 to be split between the American Red Cross and the Salvation Army.

Visa: Making a donation of $250,000 to the American Red Cross to support immediate relief and recovery efforts. Visa will also match employee donations on a two-to-one basis through September 15, 2017.

BBVA Compass: BBVA Compass Foundation to donate $250,000 to aid recovery efforts in Texas, will raise up to $250,000 more.

Protective Life Corporation: Making a $10,000 donation (through the Protective Life Foundation) to the American Red Cross.

Putnam Investments: Putnam donated $50,000 to the American Red Cross for Harvey relief – and asked all employees (via an all-hands e-mail from the CEO) to consider making their own contributions through a partnership with New England Patriots – which offered matching funds.

TSYS: TSYS corporately donated $50,000 to the American Red Cross and Chairman and CEO Troy Woods challenged team members to join him in giving to the American Red Cross Hurricane Harvey disaster relief efforts by pledging to personally match every dollar up to $20,000 that the TSYS team donates.

Citigroup: Citi Foundation has donated $1 million to the American Red Cross for Hurricane Harvey relief and recovery efforts.

Toyota: $3 million in relief for Hurricane Harvey. Efforts include matched contributions, vehicles, in-kind, and volunteerism to assist victims.

SunTrust: SunTrust Foundation donates $100,000 to American Red Cross to aid in Hurricane Harvey disaster relief.

Nationwide: Nationwide Foundation donated $500,000 to the American Red Cross, and associates across the country are contributing personally as well.

RBC and City National: Royal Bank of Canada is donating $100,000 to the American Red Cross. City National, which is owned by RBC, is donating $25,000 to American Red Cross and $25,000 to Save the Children.

MUFG Union Bank: The MUFG Union Bank Foundation has authorized a direct donation of $100,000 for Gulf Coast Region disaster relief.

Discover: Matching cardmember donations up to $500,000 for Hurricane Harvey relief efforts.

Assurant: Assurant Foundation contributes $100,000 to American Red Cross for Hurricane Harvey relief

BB&T: Donated $100,000 to the American Red Cross of Greater Houston in Texas.

State Farm: Each year, State Farm provides $1 million to the American Red Cross to support disaster recovery efforts and is making an additional donation of $500,000 to the Red Cross for emergency services and long-term recovery needs related to Hurricane Harvey.

New York Life: New York Life announced today that it will donate $500,000 to aid Hurricane Harvey relief efforts, allocating $150,000 to the American Red Cross, $100,000 to Save the Children and $100,000 to Feeding Texas to aid immediate relief efforts in southeastern Texas, spread among these organizations that are already deployed on the ground.

Bank of America: We are directing $1 million in funding from the Bank of America Charitable Foundation in support of communities impacted by Hurricane Harvey and subsequent flooding. This includes $250,000 to the American Red Cross Disaster Relief Fund to support immediate shelter needs; the remainder of funds will be allocated as we learn more about impacts and recovery needs.

LPL Financial: In the wake of Hurricane Harvey, LPL has made a financial commitment of $250,000 to support impacted individuals and families. LPL will make dollar-for-dollar contributions to match eligible LPL advisor and employee donations through the LPL Foundation Matching Gift Program.

Genworth: We have set up giving opportunities for our employees with a 100% match from the Genworth Foundation to American Red Cross and Houston Food Bank. To date, between employee donations, matching gifts, and a philanthropic donation to each organization, we have raised $62,000.

Voya: Voya Foundation will match employees’ gifts starting at $25 to AmeriCares or any eligible charitable nonprofit up to $5,000 per employee.

Comerica: Partnered with the American Red Cross and donated $100,000 to disaster relief efforts.

Transamerica: The Aegon Transamerica Foundation is making a $50,000 donation to the United Way in Houston and matching dollar-for-dollar contributions made by employees through Sept. 15.

Wells Fargo: Wells Fargo is donating $1 million to support those affected by Hurricane Harvey and the extensive flooding in its wake. $500,000 will go directly to the American Red Cross Disaster Relief Fund, and an additional $500,000 will go to local nonprofits focused on recovery and relief efforts in Texas.

PNC: The PNC Foundation, the philanthropic arm of PNC bank, will contribute $250,000 to the Red Cross and match employee donations up to $100,000.

U.S. Bank: U.S. Bank branches and ATMs will be accepting donations for American Red Cross disaster relief efforts for those impacted by Hurricane Harvey.  Additionally, U.S. Bank funds the American Red Cross at $150,000 annually for disasters.

Essent: To support relief efforts, Essent will be matching donations up to $100,000 to the American Red Cross for Hurricane Harvey Relief.

Deutsche Bank Americas: In addition to matching employee donations to charities responding to the disaster, the Deutsche Bank Americas Foundation is initially committing $300,000 to nonprofit organizations that will be active in Houston’s rebuilding, particularly for its most vulnerable residents.

TD Ameritrade: Raised more than $1 million in matching funds for Red Cross support efforts.

 

 

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About The Author

The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America’s economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs.

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