With the U.S. government shutdown into its second week, financial regulators on Wednesday urged the banks and other lenders to ease up a little on federal workers who aren't receiving their paychecks. In a joint statement, the Federal Reserve, Consumer Financial Protection Bureau, Federal Deposit Insurance Corp., National Credit Union Administration, and Office of the Comptroller of the Currency said the hundreds of thousands of government employees who haven't been paid since October 1 might have temporary difficulties making their payments on mortgages, credit cards, car loans, and other debts. Financial institutions should make available agreements that make it easier for creditworthy borrowers affected by the shutdown to pay their debts, the agencies said. Any "prudent efforts" to adjust existing loan terms shouldn't face examiner criticism, they said. Affiliate publication Corporate Counsel has more.
Put the internet to work for you.
No comments:
Post a Comment