ABA: Banks of All Sizes Helping Borrowers Affected by Shutdown

Responding to a recent inquiry from House Financial Services Committee Chairman Maxine Waters (D-Calif.) about the financial industry’s response to the government shutdown, American Bankers Association President and CEO Rob Nichols today highlighted the many ways that banks across the nation are working to support federal employees that are currently facing financial difficulties.

“Banks of all sizes have proactively stepped up to help their customers during this challenging period” by offering various forms of assistance, including fee waivers, loan modifications, payment deadline extensions, payroll advances and low- or zero-rate loans, Nichols said. He added that ABA is documenting these efforts through its dedicated webpage, aba.com/ShutdownAssistance.

Nichols also reiterated the association’s call for Congress and the Trump administration to bring the shutdown to an end. “Our member banks across the country report that the shutdown is starting to take a toll on local communities, preventing customers from securing mortgage approvals and small business loans, while threatening even more harm if the impasse continues.”