states cast a shadow over the country’s Fourth of July celebrations as health experts worry that holiday parties will cause a further spike in infections.Some of Canada’s largest banks – including CIBC, TD and RBC – have extended programs that allow clients to
on personal loans through the end of September, signalling that many borrowers still need support even as some early deferrals have expired.The banks have extended the window to pause payments on mortgages, credit cards, lines of credit and other loans for up to six months, depending on the product. CIBC will also approve new mortgage deferrals for clients that haven’t yet used the program until Sept. 30, and extend other help to personal banking clients on a case-by-case basis.
Banks are still getting new requests for deferrals, though demand has dropped dramatically from the early weeks of the COVID-19 crisis. By extending the period, banks are looking to keep the pressure off hundreds off clients who may have lost income as the pandemic locked down large parts of the global economy. But the extensions also prolong uncertainty about how the deferrals will be unwound without tipping borrowers into default, which has emerged as a key concern for regulators, investors and analysts.
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