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Biggest U.S. Banks Have More Than $150 Billion of Deferred Loans

  • BofA, JPMorgan, Citi, Wells give updates in quarterly filings
  • Deferrals granted on credit cards, mortgages amid pandemic

The four largest U.S. banks had at least $151.5 billion of loans with payments in deferral at midyear as borrowers from small businesses to homeowners sought debt relief amid the coronavirus pandemic.

Programs vary among banks and account types, with Bank of America Corp. offering deferrals of as long as 60 days on consumer credit cards, and JPMorgan Chase & Co. giving clients rolling, three-month deferrals for as much as a year on residential mortgages. The two lenders, along with Citigroup Inc. and Wells Fargo & Co., disclosed deferral details in their second-quarter filings with the U.S. Securities and Exchange Commission.