Regulators Encourage Institutions to Work with Borrowers Affected by Government Shutdown

screw
Board of Governors of the Federal Reserve System

Consumer Financial Protection Bureau
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency
NR 2013-156
FOR IMMEDIATE RELEASE
October 9, 2013

Regulators Encourage Institutions to Work with Borrowers Affected by Government Shutdown

Five federal regulatory agencies encourage financial institutions to work with customers affected by the federal government shutdown.

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.

Affected borrowers may face a temporary hardship in making payments on debts such as mortgages, student loans, car loans, credit cards, and other debt.  The agencies encourage financial institutions to consider prudent workout arrangements that increase the potential for creditworthy borrowers to meet their obligations.  The agencies realize that the effects of the federal government shutdown on individuals should be transitory, and prudent efforts to modify terms on existing loans should not be subject to examiner criticism.

Those affected by the government shutdown are encouraged to contact their lenders immediately should financial strain occur.

SOURCE: http://www.occ.gov

Good Luck on that…

~

4closureFraud.org

Comments
One Response to “Regulators Encourage Institutions to Work with Borrowers Affected by Government Shutdown”
  1. Lex Gnosticos says:

    Well isn’t that special, the Fed govt. regulators are putting the word out to the banks not to screw their workers like they did everyone else. I did not realize that Fed employment perks included a pre-emptive butt covering. Another example of the crony insider network at work !!! Too bad this did not apply to the 99% of other Americans. This is one more reason to hold recall votes for all of them. Just one opinion from one of The People.

Leave a Reply

Your email address will not be published. Required fields are marked *