| Entities | Council of State Banking Supervisors (CSBS) (1) Federal Deposit Insurance Corporation (FDIC) (9) Federal Financial Institutions Examination Council (FFIEC) (3) |
| Topics and Issues |
On January 11, 2019, five federal financial institution regulators and the state financial institution council issued an advisory, Five federal financial institutions regulators and state regulators encourage financial institutions to work with consumers affected by the federal government shutdown. These federal agencies are the FRB, the CFPB, the FDIC, the NCUA, and the OCC. The state organization is the Conference of State Banking Supervisors (CSBS). These “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…Consumers affected by the government shutdown are encouraged to contact their lenders immediately should they encounter financial strain.”