Regulators Encourage Institutions to Work with Borrowers Affected by Government Shutdown

Five federal financial institutions
regulators and state regulators encourage financial institutions to work with consumers
affected by the federal government shutdown.

While the effects of the federal government shutdown on individuals should
be temporary, affected borrowers may face a temporary hardship in making
payments on debts such as mortgages, student loans, car loans, business loans, or
credit cards. As they have in prior shutdowns, the
agencies encourage financial institutions to consider prudent efforts to modify
terms on existing loans or extend new credit to help affected borrowers.  

Prudent workout arrangements that are consistent with safe-and-sound
lending practices are generally in the long-term best interest of the financial
institution, the borrower, and the economy. Such efforts should not be subject
to examiner criticism.

Consumers affected by the
government shutdown are encouraged to contact their lenders immediately should they
encounter financial strain. 

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Official news published at https://www.consumerfinance.gov/about-us/newsroom/regulators-encourage-institutions-work-borrowers-affected-government-shutdown/

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