In our attempts to keep abreast of the developments in the financial world we subscribe to several services that provide early intelligence about occurrences in the regulatory world. We received information on October 9, 2013 regarding a development that may provide some comfort to our friends who are being directly affected by the shutdown of the federal government. We have summarized the announcement below followed by a brief description of each agency.
The five federal agencies charged with regulating financial institutions in the United States issued a joint statement today encouraging financial institutions to work with customers affected by the federal government shutdown.
The statement encouraged financial institutions to consider “prudent workout arrangements that increase the potential for credit worthy borrowers to meet their obligations”.
In addition, the statement encouraged those affected by the government shutdown to contact their lenders immediately “should financial strain occur”.
The statement listed the names and phone numbers of the media contacts at the five agencies issuing the joint statement. They are listed below:
|Federal Reserve||Barbara Hagenbaugh||(202) 452-2955|
|CFPB||Samuel Gilford||(202) 435-7673|
|FDIC||Andrew Gray||(202) 898-7192|
|NCUA||John Fairbanks||(703) 518-6336|
|OCC||Bryan Hubbard||(202) 649-6747|
Here is a brief description of the five agencies that regulate financial institutions:
The Federal Reserve System is the central bank of the United States. The Federal Reserve’s duties fall into four general areas:
• conducting the nation’s monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates
• supervising and regulating banking institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers
• maintaining the stability of the financial system and containing systemic risk that may arise in financial markets
• providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system
CFPB- Consumer Financial Protection Bureau. The mission of the Consumer Financial Protection Bureau is to make markets for consumer financial products and services work for Americans — whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products. They supervise banks, credit unions, and other financial companies, and enforce federal consumer financial laws.
FDIC- The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation’s financial system by: Insuring bank deposits, examining and supervising financial institutions for safety and soundness and consumer protection, and managing receiverships.
NCUA- National Credit Union Administration. NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 95 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The mission of the NCUA is to facilitate the availability of credit union services to all eligible consumers, especially those of modest means, through a safe and sound credit union system.
OCC-Office of the Comptroller of the Currency–Thomas J. Curry is the current Comptroller of the Currency. The Comptroller of the Currency is the administrator of the federal banking system and chief officer of the Office of the Comptroller of the Currency (OCC). The OCC’s primary mission is to charter, regulate, and supervise all national banks and federal savings associations. They also supervise the federal branches and agencies of foreign banks. their goal in supervising banks and federal savings associations is to ensure that they operate in a safe and sound manner and in compliance with laws requiring fair treatment of their customers and fair access to credit and financial products.
If you have concerns/issues about your situation, call and make an appointment with your attorney. Our attorneys at Davis Miles McGuire Gardner are here to help you, call today at 480-733-6800 and ask to speak with Ed Richardson.