In a sign that concern is mounting over the 21-day federal government shutdown, bank and credit union regulators asked financial institutions to work with customers impacted by what tomorrow will become the longest government shutdown in U. S. history.
United States Capitol Building Getty
In a sign that concern is mounting over the 21-day federal government shutdown, bank and credit union regulators asked U. S. financial institutions to work with customers impacted by what tomorrow will become the longest government shutdown in U. S. history. In a brief press release published this afternoon, Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the National Credit Union Administration (NCUA), and the Consumer Financial Protection Bureau (CFBP) stated that “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.”
Yesterday, Federal Reserve Chair Jerome Powell speaking at the Economic Club of Washingtion, stated that ” In the short term, government shutdowns don’t last very long.

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