Joint statement from depository institutions regarding coronavirus situation
NAPERVILLE, IL (March 23, 2020) — The Illinois Bankers Association, Community Bankers Association of Illinois, and Illinois Credit Union League collectively represent your Illinois depository institutions, including commercial banks, thrift institutions, and credit unions.
Our industry, and our trade groups, understand the importance of stable and uninterrupted delivery of important financial services, such as access to money and credit, during this time of crisis.
Depository institutions throughout Illinois remain open for business, and they will continue to be available to meet your financial needs. State and federal regulations require financial institutions to be prepared for situations like pandemics, with tested and proven business continuity plans and procedures that ensure they continue to serve our communities through difficult times.
The well-being of small businesses and consumers in our local communities are top of mind for our financial professionals across Illinois. Our industry stands ready and able throughout the state to assist our customers through the financial hardships they may encounter in the coming weeks.
We want you to know that our employees’ and customers’ safety are paramount. While you may notice slight changes at your local bank, thrift, or credit union branch, such as drive-through only access, limited hours, or the need to schedule an appointment, rest assured that your Illinois financial institutions will continue working to provide uninterrupted services to meet your financial needs. And please remember, many financial institutions now offer robust remote-access technologies, including mobile banking, telephone banking, and ATMs.
Our retail safety measures are designed to protect the health of our employees and customers, while providing continuous access to your financial resources. And know that even in uncertain economic times like now, all state and federally chartered depository institutions maintain ample deposit insurance covering at least $250,000 per person to ensure the security of your funds at all our institutions.
Opening new and expanding existing sources of credit for small businesses and consumers are equally high priorities. We are in constant contact with federal, state and local officials to strategize on how best to coordinate available public and private financial resources, and we are exploring all possible options for expanding access to credit, together with our regulators and other government agencies. Customers should watch for service announcements from their financial institution — and monitor their institution’s website — for updates.
“Illinois banks and credit unions remain strong, resilient and willing to step up to meet the needs of Illinois residents during this difficult time. We continue to be in constant communication with our financial institutions to work on ways to best help Illinoisans during this time.”
— Deborah Hagan, Secretary, Illinois Department of Financial and Professional Regulation
“Illinois banks and thrifts remain strong and stand ready to help their communities any way they can. We are proud of the many steps our banking industry has been taking and will continue to take to protect the physical and financial welfare of Illinois citizens.”
— Linda Koch, President and CEO, Illinois Bankers Association.
“Community bankers regularly assist customers who are facing unforeseen economic hardships. Whether it’s a pandemic, layoff, strike or other unexpected personal economic emergencies, community bankers will always work with customers, be they individuals, small businesses, farmers or local governments, to find ways to weather the storm together.”
— Kraig Lounsberry, President, Community Bankers Association of Illinois.
“Illinois credit unions stand ready to assist our members and the communities we serve during this unprecedented time. As trusted financial partners, credit unions remain committed to offering unique solutions to ensure the financial well-being of all Illinoisans through this period of uncertainty.”
— Tom Kane, President and CEO, Illinois Credit Union League.
About Illinois Credit Union League (IUCL)
The Illinois Credit Union League is the primary trade association for more than 200 state and federal credit unions in Illinois. It focuses on providing legislative and regulatory advocacy, compliance assistance and information, and a wide range of educational and training services to those credit unions, who in turn serve approximately 3.4 million members. More information can be found at www.icul.com.