Representative Waters Urges Regulators to Protect Borrowers During Shutdown

U.S. House of Representatives Committee on Financial Services Chair Maxine Waters (D-CA) urged the Federal Reserve Board, FDIC, Office of the Comptroller of the Currency, National Credit Union Administration and CFPB (collectively, "the regulators") to give assurance to their regulated entities that they will not be criticized for providing leniency to take action to protect borrowers "may be experiencing temporary financial hardship in making payments on their existing credit obligations as a result of the [government] shutdown."

In a letter to the regulators, Representative Waters stated that the regulators publicly re-affirm a joint statement on leniency that they had issued on October 9, 2013. Representative Waters encouraged the regulators to try to alleviate the impact that the shutdown has had on 800,000 federal employees.