Stanley Urges Emergency Financial Protections for Constituents

March 19, 2020 (Boston, MA) - Rep. Stanley and members of the Financial Services Committee, of which Rep. Stanley is a member, sent a letter to Banking Commissioner Mary Gallagher regarding the COVID-19 public health pandemic, and the impact on the financial stability of the citizens of the Commonwealth of Massachusetts.

“It is clear that proactive and forceful measures are needed to protect vulnerable residents from these difficult circumstances. The Commonwealth needs to immediately consider emergency measures to protect our residents from this unprecedented time of financial uncertainty,” said Rep. Tom Stanley.

These emergency measures include:

• Order financial institutions to offer forbearance for residential mortgages

• Order financial institutions to offer mortgage forbearance for commercial and rental properties

• Suspend all debt collection activities including wage garnishment and repossessions

• Suspend all consumer and small business credit payments, car payments, student loan payments, and other debt and loan payments

• Suspend all evictions and foreclosures

• Impose a moratorium on all negative credit reporting

“It is critical we continue to take a collaborative proactive approach to providing whatever assistance we can during these difficult times,” added Rep. Stanley