quigley who until earlier this week served as chair of the board of directors of wells fargo and company and wells fargo bank respectively. both have resigned after our call for their resignations following the release of a scathing majority staff report on wells fargo's compliance failures and their individual failures as board members. but their resignations do not absolve them of their failures. directors at wells fargo and institutions across this country must understand that they are the last line of defense when it comes to protecting their company's shareholders, employees and customers. and while ms. duke and mr. quigley said they resigned to quote avoid distraction, unquote, let me be clear, this is not a distraction. we're examining misconduct and dereliction of duty. over the past decade, wells fargo's board management and regulators have all failed to fix the company's internal control weaknesses that caused enormous harm for millions of consumers throughout the country. the majority staff's report examines wells fargo's compliance with five consent orders that require the company's board and man

wells fargo and wells fargo is uniquely mismanaged. however, the evidence does not tell us much about wells fargo's large bank fears. we will spend all day in this hearing of the wells fargo new ceo that has been on the drop for six months and has no connection to what's in question. we'll have to other board members of the sole purpose of embarrassing their documents that are deeply embarrassing to those board members of wells fargo and that is true. chairwoman call on them to resign and they did and the markets were calling on them to resign and the system works. i'm not sure what we hope to accomplish tomorrow with witnesses who are low longer in position to fix this moving forward. we don't have the luxury of three politically motivated, ideological ways on wells fargo right now. serious things happening in the world where we're having this hearing. investors fear of the spread of coronavirus has had widespread consequences for financial services industry, the economy in the markets. our constituents have real concerns and expect us to put aside politics, focus on the urgent matter at hand. we will spend the day

quigley who until earlier this week's are as chair of the board of directors of wells fargo and company's walls fargo bank respectively. both have resigned as our call for the resignations following the release of us phasing majority statute on wells fargo's compliance failures in their individual failures as board members. resignations do not absolve them of their failures. directors at wells fargo, and institutions across this country must understand that they are the last line of defense when it comes to protecting your company's shareholders, employees and customers. and while ms. duke mystically said said, there resigned to quote, avoid distractions" that would be cleared and this is not a distraction, we are examining the conduct and the dereliction of duty. over the past decade, wells fargo's management and regulators have all failed to fix the company's internal control weaknesses, the cost in. for millions of consumers throughout the country. the majority report, examines wells fargo complaints with five content orders require the companies boards and management to clean up the systemic weakness.

to my colleagues at wells fargo, we heard more from the bank's leadership and the feelings that occurred that major jobs difficult. i'm committed to doing better as we seek to ensure that such things never occur again at wells fargo. to the committee, i'll give you my personal assurance that we will do the work necessary to put wells fargo on a sound footing and our customers, employees, regulators, shareholders and communities. thank you and i'm happy to answer your questions. thank >> you very much. i would now like to engage you with a few questions that i have about some of the findings. that were reported in the investigation that was done by the majority staff. according to the committees and the discovered report, there are dozens of consumer abuses that had affected 50,000 a customers or accounts into mediation. mr. scharf, this is one of the most troubling findings of the report because after more than three and a half years wells fargo may still be harming millions of consumers. exactly how many consumers were harmed by the bank as a result of the dozens of abuses site in the r

of alaska, financial services, united bank corporation, you get the point, the mergers. wells fargo acquired walker via doubling the size of the bank. is that correct? >> i believe so. >> according to the independent director's report wells fargo's failed culture quickly spread through walker via branches. is that correct? >> i believe the wells fargo management model was there. >> from my perspective these constant acquisitions not only made wells fargo bigger and more complex but brought illegal and irresponsible corporate practices to more customers thus the consent pieces that are out there. of the federal reserve releases wells fargo from its asset u commit to not pushing for more acquisitions? >> i'm not thinking of anything like that today. i'm thinking of the work that we have to do and there are examples of acquisitions where companies have been run properly. our issues relate to the fact that we didn't have appropriate management in place or appropriate controls or risk infrastructure. >> sounds like a know to me but wells fargo unchanged by your response continues to illu

do you think it is appropriate for a bank cut cheating to not address the excessive executive pay at wells fargo? the bank you now oversee. >> congresswoman, i am focused on making sure that we treat everyone fairly going forward. >> let us talk about that. do you know when you all do not pay a living wage to our residents, many of them employees, they live in our communities, that because you don't pay a living wage they end up going on assistance? so we have to cover health coverage maybe that you don't provide adequate health coverage. where they have to get second job. that's something you should absolutely right down mr. scharf and find out what is happening in the lives of the people that serve in your company. one of the things that i've been trying to figure out is, is there in amount of ceo pay that you would consider inappropriate? yes or no would you recommend that you or any other bank executive should have to forfeit some of your own compensation to pay any penalties wells fargo paces under your leadership? >> congresswoman i think all of the activities that occur should be factored

quigley who until earlier this week's are as chair of the board of directors of wells fargo and company's walls fargo bank respectively. both have resigned as our call for the resignations following the release of us phasing majority statute on wells fargo's compliance failures in their individual failures as board members. resignations do not absolve them of their failures. directors at wells fargo, and institutions across this country must understand that they are the last line of defense when it comes to protecting your company's shareholders, employees and customers. and while ms. duke mystically said said, there resigned to quote, avoid distractions" that would be cleared and this is not a distraction, we are examining the conduct and the dereliction of duty. over the past decade, wells fargo's management and regulators have all failed to fix the company's internal control weaknesses, the cost in. for millions of consumers throughout the country. the majority report, examines wells fargo complaints with five content orders require the companies boards and management to clean up the systemic weakness.

members of congress questioning witnesses on their actions and wells fargo and why no one has been prosecuted for the banks consumer buses. this runs two and a half hours. thank you for your patience. without objection, this hearing is entitled holding wells fargo. agree just pattern of consumer abuses. i recognize myself for four minutes to give an opening statement. today, we receive testimony from miss elizabeth duke, and mr. james quigley, who until later this week served as chair of the board of directors of wells forego and company, and wells fargo bank respectively. both have resigned after a call for the resignations. following the release of a scathing majority staff report on walls far goes compliance failures, and their individual failures as board members. the resignations don't absolve meant them of their failures. directors at wells fargo and institutions across the country must understand that they are the last line of defense when it comes to protecting their companies shareholders, employees, customers. while missed duke and quickly state they resigned to avoid distraction and quote let me

bank to the base. then other words to say wells fargo's find us a $1000000000.00 they borrow it from the central bank and 0 percent cost ok they. pay the fine ostensibly and then the and then the central bank makes a $1000000000.00 loan the next day right but but they don't pay that to the government no they don't pay anything now so it's just it's all a kabuki theater designed to assuage people's fears that maybe were run by a club talk or see in writing a stock or say and the worst kind of torture burying economic haul arsonists in the world has ever known but now we're with the markets crashing the way they are it's like warren buffett said when the tide goes out you see he's down wearing a bathing suit well now what the market's crashing and the fraud and malfeasance is becoming as prominent as mount rushmore so you've got jamie dimon is like on the mount rushmore of fraud along with the head of you should do a mt rushmore from. commissioning not prior to that out of the painting them out rushmore of from. the other thing that that i'm that i'm seeing is well i mean obviously the homeless problem in

first learned from the "los angeles times" about wells fargo fake accounts and pressure tactics driving employees to open them. the committee for better banks, a group of work organizing for better conditions helped bring the practices to light. and wells fargo responded by filing thousands of -- by firing thousand of front line employees. miss duke and mr. quigley was firing the front line employees the correct response to management issues at the bank? >> there was further action needed to be taken with managers at the banks. however whenever an employee is found to have engaged in ha dishonest act against the customer we have no choice but to terminate. >> mr. quigley? >> the same. >> the culture of a company and accountability in a company always start at the top. yes or no, would you agree? >> yes. >> yes. >> as board members, you both bear responsibility for what went on at wells fargo when you were at the top. your testimony expresses regret about what happened to the bank's workers. but here we are. bank workers, alerted the tuck to your bank's practices, and they got fired. you both resigned before testifying today, perhaps to abso

plague the bay area based bank wells fargo is being called lawless. >>the bank in more troubled waters, this time from lawmakers in wasngton dc a yearlong congressional staff inveigation has d wells fargo continues to commit wrongdoing which affects thousands of bank customers. our washington coespondent alexander le mon ports today, lawmakers grilled the company's ceo. >>the nk you inherited 's organization lawmakers wantto know exactly what wells fargo's newas ceo is doing to fix abuses that congresswoman maxine waters says are still happening there currently dozens of consumerabuses that each effect more th 50,000 customerswells fargo already agreed to billionof dollars wor of settlements for violations that cluded openng accounts in customers names without their consent and recoending risky investments to senior citizens wells fargois already under 5 different consent decrees from goverent agencies at require the bank to take certain steps to correct wrongdoing. but ngresswoman katie portersays the company is ot doing enough to repay consumers r ex

>>and coming up wells fargo bank called lless.ank isback on the hot seat in washington amid claims it owes millions of dollars for the details. t bank customers corovirus now the city of out

objection the chairs authorized to declare a recess at any time to be entitled holding wells fargo accountable the bank that broke america's trust i recognize myself for four minutes to give an opening statement. today wells fargo ceo will testify before the committee about how he plans to and wells fargo egregious pattern of consumer abuses. we invited him to testify before this committee the last three and half years. we will note each time a ceo has testified before this committee he has resigned they are soon after. [laughter] >> you are taking on a massive challenge i certainly wish you luck it is clear to this committee that the bank you inherited is a lawless organization has caused widespread harm to millions of consumers throughout theor nation. .ells fargo has opened three.5 million fraudulent accounts in their customers names which cause consumers over $6 million charged consumers for automobile insurance policies they did not need causing some consumers to lose their automobiles and engaging in illegal practices charging inappropriate overdraft fees, overcharging veterans to refinancee loan

banking. wells fargo will not be the only one on the east coast. branches without its drive-thrus. we don't do them on the west coast so not an option to many branches. tesla is doing what pretty much every other company has done and is shutting down effective on monday. a crucial industry, the city of fremont, the county of alameda disagreed. ford and gm, meanwhile, joining tesla in offering to build ventilators if the government asks. the machines will breathe for patients and the fear is we will have more people that cannot breathe on their own than we do machines to do it for them. today is the last day of floor trading on the new york stock exchange. it was going that direction anyway. i used to work on the floor of the chicago board of trade and i was replaced by a computer. that was many, many years ago. you've heard of the netflix show "love is blind" where singles go into these pods and can't see each other and date by voice only. a lot of people are binge watching that. it's inspired a couple guys to create a new service called love is quarantine where you sign up with yo

is it too early to put together numbers on what that means for morgan stanley, wells fargo, bank of americayou identified interesting development. refinances in residential mortgages are off the charts. they cannot handle the volume. there are so many calls coming in. what does that mean for the banks? that means the revenues will be very strong probably well into the second half of the year. we are starting to see wider spreads develop because the banks cannot handle the volume, so they are raising the rates slightly higher than they would have. you have to remember that the larger commercial banks. america,, bank of morgan stanley, the trading volumes in equities are very high. the derivatives business is very strong. it is challenging for the margins, but there are feet-based businesses benefiting and see that show up. scarlet: bloomberg reporting that jp morgan and citigroup have each added nearly half a billion in revenue from that this year. romaine: i feel like some of this could balance itself out. onn you look at the values some of these stocks, valuing financials at below what the

that you are beyond the law of the law to apply to wells fargo just does it apply to that welfare recipients. just as it would apply to any small bank in this country. wells fargo cannot be too big to prosecute. it cannot be too big to jail. wells fargo has to be held accountable. we cannot allow 17 billion 296,835,949 dollars in penalty to become simply the cost of doing business, while these criminal activities were taking place, you are making billions. you sat on the board, and you knew what was happening, and this morning you as much as a knowledge, when the chairwoman asked about the chaos. did anybody ever think or say somebody should go to jail somebody has to be prosecuted this is a crime? 1.5 million accounts. it is unbelievable. it is unimaginable. yet no one has been prosecuted. maybe i am mistaken. if someone wells fargo had been prosecuted for these grievances would you kindly extend your hand to their to review. let the record reflect that no hand has been extended into the air. i shall have a cool photograph of this in my office. and when have people asked me about this picture, and it will show you, it will show you

our patients also>>> meanwhile the outbreak has prompted several banks to different mortgage payments. >> i am very pleased that wells fargo u.s. bank on a city and jpmorgan chase have all grade to a 90 degree lips as 90 day waiver of payment for those that have been infected>>> to wait until you've artie rest of you. it can't come force in a firmly >>> online bay area counties yesterday announced they are extending public school closures until at least may first. that means more than 860,000 students will have to stay at home longer in an effort to curb the spread of the coronavirus for this one a chance that the schools will remain closed for the rest of the academic year. >>> here is another look at the bay area counties effective meanwhile, at least high school sports league and santa clara county is canceled its entire spring season.>>> this morning. this is a hundreds of military been sent forward. only near naval base officials say the convoy was a routine movement of supplies.>>> new york is the biggest area of concern, as he now has more than 30,000 for move virus cases >>> experts say it is partially due to the g

bank. >> they will provide forebaerns on mortgage payments. >> wells fargo, citi bank, j.p. morgan chase, and u.s. bank. bank of america is offering 30 days and says that may even be extended from there. real estate agents say the coronavirus is changing the way they do business. they're seeing a sharp drop in the number of people looking for homes to buy and the shelter-in-place order makes house tours impossible. they're using video tours. that's all adding up to a market of people ready to buy now. >> we're seeing some cases where they're asking below the mooshgt price. >> now, some banks are finding they can't fulfill one of the requirements for most home loans. because many people who plan to sell their homes are calling the banks and cancelling their scheduled appraisals. they don't want any strangers in their homes right now. don't forget, you can find complete coverage at coronavirusnow.com. you'll find a daily live stream and live digital broadcast every weekday. that begins at 10:00 a.m. and you have our ktvu app anywhere you go with our free news app you can get t

want to record number as for banks wells fargo. u.s. bank city and j.p. morgan chase will defer mortgage payments up to 3 months according to a new some everyone is eligible for girl lists of how much they make the governor is criticizing bank of america for agreeing to waive mortgage payments for only one month he says he hopes they will reconsider and do the right thing but a spokesman for bank of america says they will consider extending their offer for more than 90 days depending on the crisis meantime cities and counties have begun halting new vixens against tenants who cannot afford their bridge in the san francisco and sacramento regions cities and municipalities have already passed you diction moratoriums that prevents anyone financially impacted by the virus from getting kicked out by their landlords. now california has seen an influx of one of our resources as more time soon is being done we're seeing numbers doubling some every 3 days and according to don there have been 65 deaths and more than 3000 infections counted so far the port in marina

>> thousands of wells fargo bank employees are about to get a raise. wells is raising its minimum wage from $15 to $20 an hour by the end of the year. this is for employees in san francisco and new york. the minimum wage for workers in other cities will go up but not as much. the move will impact 20,000 employees nationwide and follows similar action by bank of america. >>> former mayor of chicago and former white house chief of staff to president obama rahm emanuel says the november presidential election will be anything but normal. >> dan ashley hosted an evening with emanuel at the commonwealth club last night. he said part of what will make the eleifferent is that president trump could have serious competition if joe biden gets the nomination. >> what was true a month ago where people were like, boy, this looks like easy street, this guy will get re-elected. the candidate he didn't want to run looks like they'll get the nation. the economy and the stock market he was living and dying by is more dying than living. this is a disaster for him. >> emanu

. >> >>> wells fargo bank says it will increase the minimum wage for its employees.rancisco-based firm says it is for 20,000 of its workers will go up to $15-$20 an hour by the end of the year. other major banks have already given their workers similar raises. >>> time is 5:39 and san francisco real estate, truly out of control as if we didn't already know that. this next story really proves that. >>> the astronomical price tag on that run next jack, that is still ahead on kpix 5 and streaming on cbs bay area. >>> starting today with some changes, we are looking at more calls, court damages, onshore flow kicking and. we will talk about your full forecast coming up.>>> we are seeing lots of regrets now plus a slow ride northbound 101 out of morgan help your >>> 5:42. for the first time since the financial crisis in 2008, federal reserve officials cut interest rates in between the regularly scheduled meetings. jill schlesinger joins us out to explain why they did it and how the move will affect you, so, joe, why did they act now when the next fed meeting is just in two

four of the nation's largest banks have agreed to delay foreclosures and defer mortgage payments for 90 days. wells fargo, u.s. bank and chase. however, no relief for renters in all of this. as for all the families, public schools in six bay area counties will remain closed until may 1 at least. some districts telling parents they are prepared to reopen school on may 4 if they get the green light from the governor and cdc. take a look. we have the latest numbers for you now. today, more than 1100 people have tested positive in the bay area. santa clara county still leading with 459 cases, 84 more cases since yesterday. bay area wise, there have been 27 deaths. >>> at a time when san francisco hospitals are ramping up for that potential surge in patients of coronavirus, one of the city's hospitals is under lockdown. the nursing home laguna honda on lockdown after five staffers tested positive. >> he's bring in our reporter that joins us from that hospital. what's the plan from the city? >> reporter: raj, this is a massive nursing facility. home to more than 700 people, people who are too sick to live on t

saw approaching maceda 700000 more so we've done several times over that record number as for banks wells fargo u.s. bank city and j.p. morgan chase will defer mortgage payments up to 3 months according to a new some everyone is eligible for garlits of how much they make the governor is criticizing bank of america for agreeing to waive mortgage payments for only one month he says he hopes they will reconsider and do the right thing but a spokesman for bank of america says they will consider extending their offer for more than 90 days depending on the crisis meantime cities and counties have begun halting vixens against tenets who cannot afford their rent in the san francisco and sacramento regions cities and municipalities have already passed a vixen moratoriums that prevents anyone financially impacted by the virus from getting kicked out by their landlords. now california is seen an influx of qana virus cases as more testing is being done and we're seeing those numbers doubling every 3 days or so and according to john hopkins we've seen at least $65.00 deaths and at least 3000 infections have

approaching maceda $700000.00 more so we've done several times over that record number as for banks wells fargo u.s. bank city and j.p. morgan chase will defer mortgage payments up to 3 months according to a new some everyone is eligible for garlic of how much they make the governor is criticizing bank of america for agreeing to waive mortgage payments for only one month he says he hopes they will reconsider and do the right thing but a spokesman for bank of america says they will consider extending their offer for more than 90 days dip. on the crisis meantime cities and counties have begun hall to fictions against tenants who cannot afford their rent in the san francisco and sacramento regions cities and municipalities have already passed you fiction moratoriums that prevents anyone financially impacted by the virus from getting kicked out by their landlords. all right let's head over to regina ham over the sports h.q. regina there's no live sports really to talk about but it is throwback thursday so take us back i would love to go back and you know we're going to go back to a time when athlet

banks. >>> i am very pleased that wells fargo u.s. bank city and j.p. morgan chase have all agreed to 90 day waiver of payments for those that have been impacted by covid-19. that is an important point to make. it is significant. that we have some consistency. it is significant we don't have a patchwork one bank to another. >>>>> reporter: kelly set that could bring relief for his family. >>> it will help for temporary 90 days. depending on the coronavirus will be taken care of within the next few months. everything is on surety right now. it could go on for the next half a year. hopefully everything will get better.>> reporter: bank of america so how far has only agreed to with the state of california a 30 day moratorium on mortgages. he hopes they will agree to a longer stent like some of the other banks. of course the government package on the federal level still has to make it to the senate. we have not seen a vote at this point. >>> in fact let's take a live look at capitol hill where the standoff has emerged this afternoon. threatening to hold up

he said several major banks and financial institutions now have agreed to allow homeowners to defer their mortgage payments. >>> i'm very pleased that wells fargo u.s. bank city and j.p. morgan chase have all agreed to 90 day waiver of payments for those that have been impacted by covid-19. >>> still many bay area workers are at risk of taking a financial hit. if they get sick. lynn ramirez on a plan to protect them. >> reporter: many workers don't have extended sick leave benefits. under these conditions if somebody is sick the city wants to make sure they can afford to stay home. >>> and estimated 85% of san jose workers don't have any paid sick leave with women blacks and latinos particularly at risk the mayor said that is a big concern during the coronavirus outbreak. >>> many other restaurants where we know if people are sick they may be working preparing food. and spreading a virus. it is important everyone feel they have the choice to be able to stay home. without financial risks to themselves. >> reporter: unlike other cities in the state san jose has no mandatory sick leave requirements for businesses. workers are covered under califor

they will make mortgage payments could get help. 200 banks and credit unions with national lenders will pause for foreclosures and offer relief. wells fargo, city bank, jpmorgan chase and u.s. bank have agreed to a 90-day grace period for mortgage payments for those affected by the virus. bank of america offers 30 days. >>> >>> stocks ended the day mixed as the stimulus package stalled in washington. the dow closed up almost 500 points. the nasdaq was down 33. and the s&p 500 was up 28. >>> the united states has more than 1,000 deaths from coronavirus. and more than 68,000 confirmed cases. in california, 67 people died and more than 3,000 confirmed cases. santa clara county has the most cases. 84 new cases of coronavirus. a big jump. 17 people died in santa clara county, including a grandmother from san jose. ktvu's azenith smith is here now after talking with her family today. >> the family is devastated and heartbroken. the family wanted to show with every death there is a family grieving. >> reporter: the 65-year-old pictured on the left at a baby shower for her daughter. two weeks ago the baby was born. not too many pictures of them t

the outbreak has prompted several major banks to allow california homeowners to defer their mortgage payments temporarily. >> and i'm very pleased that wells fargo, u.s. bank, city and jp morgan chase have all agreed to 90-day waivers of payment for those impacted by covid-19. >> officials say you should still contact your lender immediately experie financial hardship. don't wait until you've already missed a payment. it can't come soon enough for many in california. governor newsom says that more than 1 million people have applied for state unemployment benefits this week alone because of lay offs and reduced hours. >>> after days of negotiation and flaring tempers, the senate has approved a $2 trillion economic stimulus package to help workers and businesses in pacted by the coronavirus. reporter natalie brand is at the white house with more on the late night vote. >> reporter: congress is one step closer to sending financial relief to american families and businesses hit hard by the coronavirus. the senate has approved a $2 trillion relief package this evening. >> we're going to pass this bipartisan relief package, send it over to the house s

bank, wells fargo, bank of america, just to name a few that say they will allow you to suspend mortgage must enroll, though, in an assistance program. there will be no late fees and your accounts will not be reported as delinquent which is very important. so we reached out to some banks and here's what some of them told us. jpmorgan chase, if you have a mortgage with chase, they say, and have been impacted, help is available. our customer service specialists have already helped thousands of customers across the country by deferring payments. wells fargo, spoke to them. they said we encourage customers to continue making their payments if they can, but we are granting an immediate 90-day payment suspension for any wells fargo home lending mortgage or home equity customers who request assistance. bank of america deferring payments for clients on a monthly basis until the crisis is over and at this point, the timing could be up to 90 days or longer. you know what, cheryl, we got back to jpmorgan chase and what they said was they just need to reach out. that is so critical. don't think it's

california the governor has arranged for mortgage relief with major banks and 200 state- chartered things. >>> i'm very pleased that wells fargo u.s. bank city and j.p. morgan chase have all agreed to 90 day waiver of payments for those that have been impacted by covid-19. that is an important point to make. it is significant that we have some consistency. it is significant we don't have a patchwork one bank to another.>> reporter: and smith would like the release to go further. >>> i appreciate with the government has to offer. if you want to really make a difference you will put a moratorium on evictions. i could find another job. the housing situation for my kids we cannot mess up. >> reporter: all of those banks that governor new summit mentioned agreed to 90 days of a mortgage moratorium. bank of america which was founded in san francisco has only agreed to 30 days. so far. >>> tonight the san jose city council is considering old action. it wants employers to give all workers in the city two weeks of paid leave if they get sick. unlike other large cities in the state san jose has no mandatory sick leave requirements for b

now not every single bank, but the governor says that wells fargo, citi bank, jp morgan and have grid to an extended grace period for up to three months for those impacted. eligible homeowners could defer mortgage payments for at least those three months. check with your lender for details. the coronavirus crisis has led to an extension for completing the 2020 census. the deadline is being pushed back two weeks to mid-august. census takers are expected to start going door to door near the end of may. the census bureau also reminds citizens to be aware of scammers, saying it would never ask for your social security number, your bank account numbers or pass words. >>> and an app claims to be the world's first robot lawyer is offering a new service to those financially affected by the pandemic. do not pay has launched a feature that will request waivers and payment extensions from companies and landlords. it will research the law and make a second request if necessary. >>> major airlines are cutting the few remaining perks on flights southwest, delta and american airlines are among those

bank, wells fargo, and nearly 200 state charter banks, credit unions have all agreed to this 90-day grace period. they will waive late mortgage fees and other fees. if you're short on cash and need access to that. the banks agreed to north report late payments to credit agencies so no impact to your credit score. they've also agreed to no new foreclosures for 60 days. these relief measures were effective this past wednesday, march 25th. any late fees charged before then would still hold in theory unless you can convince your bank otherwise. this does not apply to commercial loans and does not apply to people who rent. renters are still on the hook unless you've made a special arrangement with your landlord. governor newsom did sign an executive order to give cities and counties permission to halt evictions during this outbreak. coming up at 6:30, the benefits you need to know about if you've unfortunately lost your job or had your hours reduced during this health crisis. reporting live, bob redell, "today in the bay." >> thanks so much, bob. 6:08. >>> a live look at sfo where the airport

t the nation's banks will be encouraged to do the same. i'm pleased that wells fargo, u.s. bank citi and j.p. morgan chase have all agreed to 90-day waiver for payments for those impacted by covid-19. that's an important point to make. it is significant that we have some consistency. it's significant that we don't have a patchwork one bank to another. that's what happened in 2008. credit unions doing one thing, banks doing another, state banks doing something altogether different. we wanted to engage our nation's largest banks and see if we can create some continue muity, some consistency across their ranks. and four of the five largest institutions committed to just that, that 90-day, unfortunately, bank of america did not publicly commit to that. they just committed to 30 days. i hope they will recor and join those other banks that are willing to do the right thing by at least extending that commitment to their customers for 90 days. while the state of california doesn't have regulatory oversight of those bank, i'm sensitive to that and i know the banks certainly are sensi