LIEUTENANT GOVERNOR ROACH CONVENES COVID-19 BANKING BOARD MEETING WITH TERRITORY’S BANKS

Lieutenant Governor Tregenza A. Roach, Esq. who also serves as the Chairman of the Virgin Islands Banking Board, convened a Board meeting on Friday, April 3, 2020. In adhering to the Centers for Disease Control and Prevention (CDC) guidelines regarding social distancing, Board members Rosalie Javois, Richard Grant, Finance Commissioner Kirk Callwood and representatives of each of the Territory’s banks, participated in the meeting via teleconference.

Throughout the meeting, Board members shared concerns regarding access for customers to banking services. Bank officials from Banco Popular, Bank of St. Croix, First Bank, Merchants Commercial Bank, and Oriental Bank all provided information on steps taken to protect employees and customers by reducing the spread of the Coronavirus COVID-19. Each bank highlighted efforts of their Business Continuity Plan and of the COVID-19 plan which they have implemented.

“In understanding the seriousness of the pandemic, the Board spoke with each bank to ensure that services are delivered in an environment that is safe and protects the health and well-being of the clients and staff of the financial institutions. We have been in receipt of concerns from the public with regard to a more timely delivery of services and less of a backlog at the locations which are open at reduced hours. We are working with the banking institutions to alleviate any of those issues for the customers. We especially want to ensure that the needs of our elderly population and persons with disabilities are met,” said Lieutenant Governor Roach.

“We also wanted to ensure that all the banks have implemented loan and other payment moratoriums to offer customers relief in this financially challenging time. Customers are asked to contact their banks directly in order to access any such relief,” said Lieutenant Governor Roach.

All USVI banks under the Board’s regulatory authority are employing respective COVID-19 preventative measures to include increased cleaning/sanitizing protocols and maintaining social distancing. Banks will continue to make available to customers their respective products and services through various channels such as digital banking, mobile banking services, call centers, telephone banking services, limited lobby services, and appointments.

For more information, please contact the Division of Banking, Insurance and Financial Regulation on St. Croix at 340-773-6449 and (340) 774-7166 on St. Thomas. Residents are encouraged to use these numbers to register any complaints about service which they encounter.