NH Banking Dept. Issues Gov Shutdown Alert and Assistance

New Hampshire Banking Commissioner Jerry Little and the Banking Department staff are closely monitoring developments around the federal government shutdown and its impact on local consumers. Consumer access to financial services and the ability of credit unions to assist during this challenging time is paramount. The Department has released a letter to financial institutions regarding working with consumers affected by the partial federal shutdown which may be viewed HERE. Website notices and other outreach efforts are strongly encouraged to raise the visibility of assistance and to encourage federally-employed consumers to reach out for help. 

Concerns exist on the advancement of loans processed under federal government loan programs such as USDA and the SBA. In addition, IRS documentation needed to process loans, consumer repayment of existing mortgage loans, and high loan-to-value loans to low- and moderate-income consumers are amongst the challenges arising at this time. 

Credit unions are welcome to contact Commissioner Little at the New Hampshire Banking Department by telephone at (603) 271-3561 or by email at commissioner@banking.nh.gov with any questions or concerns.

Five federal agencies, including the National Credit Union Administration, have also released an alert and comments. Their press release may be found at:

https://www.ncua.gov/newsroom/press-release/2019/regulators-encourage-institutions-work-borrowers-affected-government-shutdown

Other federal guidance may be found at:

Fannie Mae: https://www.fanniemae.com/content/announcement/ll1806.pdf

Freddie Mac: http://www.freddiemac.com/singlefamily/news/2018/1226_government_shutdown.html

Ginnie Mae: https://ginniemae.gov/newsroom/Pages/PressReleaseDispPage.aspx?ParamID=149

USDA: https://www.usda.gov/sites/default/files/documents/usda-rd-shutdown-plan.pdf

HUD: https://www.hud.gov/sites/documents/HUDCONTINGENCYPLANFINAL.PDF

IRS: https://home.treasury.gov/system/files/266/IRS-Lapse-in-Appropriations-Contingency-Plan_Nonfiling-Season_2018-12-03.pdf

SBA: https://www.sba.gov/content/information-sba-shutdown-and-furlough

FTC: https://www.ftc.gov/system/files/attachments/office-executive-director/ftc_shutdown_plan_08-15-17.pdf

Other state regulatory guidance may be found at:

https://www.mass.gov/news/agencies-issue-statement-on-financial-institutions-issuing-loans-when-national-flood-insurance

Ensuring public confidence in credit unions, especially in times of crisis, is the top priority of the Association. Any Association member in need of member talking points, media assistance, or compliance guidance is strongly encouraged to contact the Association at govaff-reg@ccua.org.

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