CHICAGO – The Illinois Department of Financial and Professional Regulation today announced a series of actions to ensure the protection of Illinoisans in many areas of consumer borrowing, servicing, and collections. The Department also provided Guidance to its regulated entities, state banks, credit unions, installment lenders, payday lenders, title loan lenders, sales finance lenders including auto loans, currency exchanges, student loan servicers, mortgage servicers, and collection agencies concerning their lending, servicing, and collection during the COVID-19 pandemic.

IDFPR guidance for state banks and credit unions and help for their consumers

The Illinois Department of Financial and Professional Regulation (IDFPR), Division of Banking and Division of Financial Institutions strongly urges banks and credit unions to respond to borrowers affected by the current economic environment, such as small businesses, hourly workers, and independent contractors.

Although IDFPR is aware that many state banks and credit unions are already providing modifications, forbearances, and new loans to consumers and businesses, IDFPR is encouraging all banks and credit unions to consider taking the following actions:

• Offering payment accommodations (such as allowing borrowers to defer payments at no cost or extending the payment due dates)
• Providing new loans on favorable terms to businesses and consumers
• Waiving certain fees (such as those for ATM usage, overdrafting, and late payments on credits cards and other loans)
• Increasing ATM daily cash withdrawal limits
• Easing restrictions on cashing out-of-state and non-customer checks
• Increasing credit card limits for creditworthy borrowers
• Alerting customers to the heightened risk of scams and price gouging during the COVID-19 disruptions
• Reminding customers to contact their financial institutions before entering into unsolicited financial assistance programs
• Ensuring that consumers and small businesses don’t experience a disruption of service if financial institutions close their offices

Additionally, banks and credit unions should contact customers via app announcements, text, email, or otherwise to explain the above-listed assistance being offered to customers. Guidance to Illinois-licensed depository institutions regarding support for borrowers impacted by COVID-19 may be viewed here https://www.idfpr.com/COVID-19.asp.

The Department supports banks and credit unions using their capital and liquidity buffers to lend and undertake other supportive actions in a safe and sound manner. For more information, institutions can refer to the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus, FDIC Financial Institution Letter FIL-20-2020, and NCUA Letter to Credit Unions 20-CU-02 as applicable. There is also an FAQ for credit unions intended to consolidate answers to common questions DFI has received from credit unions during the COVID-19 pandemic.

The Department recognizes such efforts serve the long-term interest of Illinois communities and banks and credit unions when conducted with appropriate management oversight and that they are consistent with safe and sound practices and applicable laws, including consumer protection laws. Prudent efforts to help consumers and businesses will not be subject to examiner criticism.

What consumers should know if they have outstanding loans or want to borrow from payday, installment, title, or sales finance lenders including auto loans and IDFPR guidance for the industry

1. IDFPR encourages its lenders to work with borrowers during the COVID-19 pandemic to offer forbearance on payments without interest and late fees and refrain from negative credit reporting by using the specially-created disaster code.
2. If a lender closes its doors for health reasons, the lender will provide notice soon thereafter to IDFPR and provide reasonable ways to ensure borrowers can make payments to avoid delinquency.
3. Consumers who are experiencing financial difficulties during the COVID-19 pandemic and are seeking loan assistance should look for the most affordable loan options by considering the advertised APR and other loan costs.
4. For questions or complaints about licensed consumer lenders, go to http://www.idfpr.com/DFI/DFIComplaintForm.asp.

Help for renters and homeowners struggling with payments during COVID-19 pandemic and IDFPR guidance for mortgage servicers

If you are struggling to make rent or mortgage payments, here is some important information you should know:

Actions that have been taken:

1. Governor Pritzker issued an Executive Order on March 20, 2020 pausing all evictions from homes and rental units.
2. IDFPR is urging all mortgage servicers to defer mortgage payments for 90 days for those who are suffering hardship as a result of the COVID-19 pandemic.
3. Actions have been taken with regard to certain mortgages:

Single Family Home Loans Financed by Fannie Mae and Freddie Mac:
Foreclosure sales and evictions have been suspended for these loans. The following measures may be available:

• Forbearance or reduction of mortgage payments for up to 12 months
• Suspension of late charges and penalties
• Suspension of reporting to credit bureaus of past due payments

Multifamily Home Loans Financed by Fannie Mae and Freddie Mac:
Forbearance on multifamily home loans on the condition that borrowers suspend all evictions for renters struggling to pay rent due to the coronavirus crisis.

FHA/HUD and Reverse Mortgages for Seniors:
Suspension of evictions and foreclosures for 60 days on FHA single family home loans and reverse mortgages for seniors. The suspension applies to new foreclosures and foreclosures currently in progress.

VA loans: Guidance from VA urges mortgage servicers to:

• Ensure borrowers unable to make their payments are evaluated for VA Loss Mitigation options
• Waive late fees of affected loans
• Suspend credit reporting to avoid damaging credit records

Other Mortgage Loans: For a list of individual bank modification programs visit this link https://www.aba.com/about-us/press-room/industry-response-coronavirus. Credit unions are also offering modifications. Check with your credit union to see if they are participating or visit https://www.icul.com/covid-19-best-practices-2/.

Here are specific actions you can take:

1. Contact your landlord and mortgage servicer immediately
2. Contact your mortgage servicer or lender to learn about their most up-to-date mortgage relief programs
3. Contact the following for additional assistance:

A HUD certified housing counselor (Go to www.HUD.com to find a counselor near you),
A legal assistance agency for the rights of renters, or visit https://www.carpls.org/client-services/
If you are a veteran that has questions about their mortgage options, please contact the St. Paul VA Regional Office at 1-877-827-3702
The Illinois Attorney General’s Mortgage Helpline at 1-866-544-7151
IDFPR at 1-888-473-4858
If you believe you are not being treated properly by your mortgage servicer, you may either file a complaint with the Illinois Attorney General’s office or with IDFPR.
Guidance to Illinois-licensed mortgage servicers and exempt mortgage servicers regarding support for borrowers impacted by COVID-19 may be viewed here https://www.idfpr.com/COVID-19.asp.

Help for students struggling with payments during COVID-19 pandemic and IDFPR guidance for student loan servicers

If you are struggling to make you student loan payments, here is some important information you should know:

Actions that have been taken by Congress for federal student loans held by the US Department of Education:

1. Interest rates on federal student loans have been reduced to 0% until September 30, 2020.
2. Repayment on federal student loans are suspended until September 30, 2020.
3. Involuntary collection activity on federal student loans including wage garnishments and offsets will be suspended until September 30, 2020. Further, it will refund $1.8 billion to 830,000 borrowers in money that has been previously subject to offset.
4. Credit reporting will take place as if the borrower were making timely payments.

Here are specific actions you can take for both private and federal student loans:

1. Contact your student loan servicer as quickly as possible if you are having trouble making your payments. Servicers can assist you to select the repayment option that best fits your financial circumstances, including income-based repayment options.
2. Borrowers experiencing trouble with their student loan servicers are encouraged to contact the following:

Contact the IDPFR Division of Banking 217-785-2900 for information or to file a complaint with IDFPR.
Contact the Attorney General’s Student Loan Helpline at 1-800-455-2456 or file a complaint with the Office of the Illinois Attorney General.
To find out if you have a federal student loan, visit the Department of Education’s National Student Loan Data System (NSLDS) at nslds.ed.gov or call the Department of Education’s Federal Student Aid Information Center at 1-800-433-3243 or 1-800-730-8913 (TDD).
Guidance to Illinois-licensed student loan servicers regarding support for borrowers impacted by COVID-19 may be viewed here https://www.idfpr.com/COVID-19.asp..

Guidance for debt collection agencies and information for consumers about debt collection during COVID-19 pandemic

Information you should know:

1. Debt collection is not listed as essential businesses under Governor Pritzker’s Order of March 20, 2020. However, debt collectors may continue to operate remotely.
2. The Department is encouraging debt collectors and debt buyers to work with consumers to accommodate hardships due to the COVID-19 crisis, including to suspend collection activity for a period of at least 60 days.
3. Consumers should be aware of their rights, including:

Debt collectors cannot call you at places and times known to be inconvenient
Debt collectors must tell you the truth about the amount of your debt
Debt collectors cannot use deceptive methods to collect a debt from you
IDFPR will send regulatory guidance to these licensees that they must continue to follow consumer protection and debt collection laws and will be monitoring their compliance.

Anyone who is experiencing a problem with a collection agency or debt buyer can file a complaint with IDFPR or with the Illinois Attorney General’s Office.

Help to protect consumers’ credit history due to hardships caused by the COVID-19 pandemic

Information you should know:

1. IDFPR issued guidance to its financial licensees about steps they can take to mitigate damage to borrowers’ credit during the COVID-19 crisis.
2. If creditors report consumers’ credit information, they should use the disaster code in conjunction with a deferment, which will have neutral impact on a borrower’s credit.
3. If consumers have trouble making their payments, they should contact their creditors to explore potential deferments or payment plans.
4. Consumers should regularly monitor their credit and contact their creditors and consumer reporting agencies if they find any errors.

Steps you can take:

1. Consumers should regularly check their credit and dispute any incorrect information the consumer reporting agencies.
2. Under federal law, everyone is entitled to one free credit report from each of the three agencies annually. You can request and review your free report through one of the following ways:

Online: Visit AnnualCreditReport.com
Phone: Call (877) 322-8228
3. For information about your rights visit:

The CFPB at https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/
The FTC at https://www.consumer.ftc.gov/articles/0155-free-credit-reports
Governor Pritzker Issues Executive Order 14 Addressing the Repossession of Vehicles

The Executive Order states:

Section 1. Beginning March 27, 2020 and continuing for the duration of the Gubernatorial Disaster Proclamation, the provisions of the Uniform Commercial Code, 810 ILCS 5/9-609, regarding the possession or usability of a vehicle, and the provisions of the Illinois Vehicle Code, 625 ILCS 5/3-114, regarding the repossession of vehicles, are suspended. No provision contained in this Executive Order shall be construed as relieving any individual of the obligation to make payments or comply with any other obligation that an individual may have pursuant to a loan agreement or otherwise.

Additional Capacity Created to Prepare for Expected Surge in Hospitalizations of COVID-19 Patients

Chicago – Governor JB Pritzker, Mayor Lori E. Lightfoot, the US Army Corps of Engineers and the Federal Emergency Management Agency (FEMA) today announced plans to temporarily convert part of the McCormick Place Convention Center into an Alternate Care Facility (ACF) for COVID-19 patients with mild symptoms who don’t require intensive care. The additional capacity at McCormick Place will build on efforts taken by the State and City to aid in the response to COVID-19 related cases by relieving pressure on the hospital system by freeing up beds for more patients with severe COVID-19 cases in anticipation of the surge in positive COVID-19 diagnoses to come.

“Based on science, data, and the guidance of health experts, our approach to fighting this virus is two-pronged: suppress the spread and increase hospital capacity to meet the need,” said Gov. JB Pritzker. “A critical component of increasing our capacity is identifying and building out additional facilities across the state to support our existing hospitals and healthcare system. In partnership with the City of Chicago and the U.S. Army Corps we are planning to increase capacity, so we’re prepared to treat patients and save lives.”

The State and City are working with the U.S. Army Corps of Engineers and FEMA to build the temporary healthcare setting at McCormick Place to serve patients with low to mild acuity, but may still need medical attention prior to returning to their place of residence. Over the next several weeks, the McCormick Place campus will be transformed into an alternative medical facility treating those with COVID-19. This buildout will take place in phases, with up to 500 beds expected to be assembled by the end of this week.

“Given the anticipated needs of Chicago’s healthcare system in the coming weeks, the City is proud to partner with Governor Pritzker and state officials to establish surge capacity facilities to relieve the hospital system so it can focus on acute care patients,” said Mayor Lightfoot. “Chicago is committed to providing our residents and healthcare workers with the resources they need in the face of the rapidly escalating COVID-19 crisis. The conversion of McCormick Place marks another step forward in our plan to provide safe, secure sites so that Chicagoans can return to health. We’re all in this together.”

Through a multi-phased approach, teams will be working around the clock to complete the conversion of several spaces on the McCormick Place Campus. Between three different locations the facility will have capacity to care for up to 3,000 patients and will be made fully operational in a series of phases in order to accommodate increased demand for care as quickly as possible.

To expedite construction, Governor Pritzker has also activated 30 Airmen from the Illinois National Guard to assist with the general labor associated with the project. The buildout of the facility will be supported by $15 million in federal funding from FEMA to support the Army Corps’ construction plan.

“The U.S. Army Corps of Engineers is honored to be a part of this FEMA, State, County and City response to COVID-19 and to support the U.S. Army's efforts and response throughout this crisis,” said Col. Aaron Reisinger, commander and district engineer for the Corps' Chicago District.

State and City officials are anticipating a surge in hospitalizations related to COVID-19 in the coming weeks based on the newest data and trends seen in other large cities. In Illinois and across the country, cases of COVID-19 continue to rise, placing additional stress on local healthcare facilities. The space at McCormick will transition back into its original use when additional medical care facilities are no longer needed.

“This is an unprecedented global public health emergency. We are grateful for the opportunity to work with the City of Chicago and State of Illinois in providing a coordinated response to this crisis” said Larita Clark, CEO of MPEA, which runs McCormick Place. “Our hope is that using McCormick Place as a temporary, alternative care site will create more capacity to support our healthcare system.”

The ACF will be overseen by a team of veteran hospital administrators. The State, City and federal partners will collaborate to staff the facility with qualified medical professionals. The Illinois Emergency Management Agency (IEMA) has requested additional medical staffing through Federal Emergency Management Agency (FEMA), is working with partners at existing medical centers that have additional staff capacity and is requesting volunteers with medical experience. If you’re a healthcare worker looking to serve, please sign up at www.illinoishelps.net or Chicago.gov/coronavirus.

“The federal government—in close coordination with our state and city partners—is taking aggressive and proactive steps to respond to this unprecedented pandemic,” said FEMA Region V Administrator James K. Joseph. “This joint effort is meant to keep us ahead of a potential surge in coronavirus cases that could stress the city’s healthcare system, ensuring residents are getting the medical treatment they need, when they need it.”

Additionally, the State and City are working to create temporary bed capacity at MetroSouth Hospital in Blue Island and the State is working to temporarily create COVID-19 bed capacity at Advocate Sherman Hospital in Elgin.

For all personal protective equipment (PPE) donations, email PPE.donations@illinois.gov. For health questions about COVID-19, call the hotline at 1-800-889-3931 or email dph.sick@illinois.gov.

For more information and Chicago specific updates on COVID-19, text COVID19 to 78015, email coronavirus@chicago.gov or visit Chicago.gov/coronavirus