Bipartisan Letter Calls For Coordination In COVID Response

Members urge banks, lending institutions to unify in relief efforts

Denver, CO – Six members of the Senate Finance Committee sent a bipartisan letter to Colorado's banking and lending community on Friday, urging them to take uniform steps to address relief for Coloradans in the wake of unprecedented job losses and economic uncertainty.

Committee members — including chair Sen. Julie Gonzales, vice chair Sen. Pete Lee and Sens. Chris Hansen, Nancy Todd, Jack Tate and Paul Lundeen — called on all major banks, credit unions, and landlord associations to provide coordinated efforts for Coloradans.
 

"Every day we are hearing from constituents across our communities who are asking for our help in these dire circumstances," members wrote. "Many struggle to both provide enough food for the family and also pay rent, sometimes forced to make the decision where to cut costs between necessities. Businesses are trying to stay solvent so that they might have jobs to which Coloradans may return."

Members have witnessed desperate needs emerge in Colorado communities. The letter requests that banks and lenders lead a coordinated, unified response to provide flexibility to building owners that can be passed on to tenants, as well as participation in efforts to relieve loan holders such as fee waivers, deferred payments, interest payment reductions, and debt restructure options.

"Coloradans need a clear path forward, urgently. During this time of national crisis, we stand in solidarity with those affected by this real estate emergency."

You can find the full text of the letter here.