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In October 2013, CDIA responded to a letter from U.S. Rep. Maxine Waters (D-CA), the ranking member of the U.S. House Committee on Financial Services. The letter from Rep. Waters to CDIA followed an October 9, 2013 joint press release issued by five federal financial regulatory agencies encouraging “…institutions to adopt prudent workout arrangements with their customers who may be facing financial hardship due to the shutdown of the Federal Government.” Our members have been proactive in addressing the question of how loans put into forbearance by lenders are to be reported.”
CDIA’s letter provided information on how CDIA members support consumers through a U.S. government shutdown.
Additional Resources:
- Federal FI regulators joint press release, Regulators encourage institutions to work with borrowers affected by government shutdown (Oct. 9, 2013).