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Acting Secretary of Banking and Securities Highlights Role of Financial Institutions in Economic Recovery

10/21/2020

Harrisburg, PA - Acting Secretary of Banking and Securities Richard Vague today emphasized the importance of financial institutions to support businesses, workers and communities as Pennsylvania continues to recover from the economic toll of the pandemic. Vague was the morning keynote speaker for the 4th Annual Anthracite Economic Summit being held virtually.

“Financial institutions continue to support economic development efforts through lending activities with a focus on serving and strengthening communities,” Vague said. “Increases in deposit growth and positive trends in the percentage of loans in deferred status are evidence of the public’s reliance on and confidence in its Pennsylvania banks.”   

Vague noted federal and state support is available to help strengthen businesses, protect workers and allow local governments and community partners to provide vital services that have been significantly impacted by the financial strain caused by the COVID-19 pandemic.

“In addition to loan programs being offered at the federal level, the state has also stepped up to provide loans through various programs to help businesses offset the financial impact,” Vague said. “Secretary Davin and the Department of Community and Economic Development staff have worked tirelessly to provide funding opportunities and resources to businesses and communities.”

The summit is co-hosted by the Greater Susquehanna Valley Chamber of Commerce (GSVCC), the Campus Compact of New York and Pennsylvania, and Bucknell and Bloomsburg universities. These community and business partners focus on the revitalization of Pennsylvania’s anthracite region.

Prior to being named Acting Secretary, Vague enjoyed a lengthy career in finance and has published several books focused on financial crises. Additional information about Vague can be found on the DoBS website.

For more information related to the 4th Annual Anthracite Economic Summit contact the Greater Susquehanna Valley Chamber of Commerce.

Visit the commonwealth's Responding to COVID-19 guide for the latest guidance and resources for Pennsylvanians or the Pennsylvania Department of Health’s dedicated coronavirus webpage for the most up-to-date information regarding COVID-19.

MEDIA CONTACT: Virginia Lucy - 717-214-4759, DoBSComm@PA.gov

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