Regulatory Alerts2025-11-05
Secretary's Letter Regarding Government Shutdown and Budget Impasse
Pennsylvania Secretary of Banking and Securities Wendy Spicher issued a letter urging state-chartered and licensed financial institutions to exercise discretion in assisting borrowers affected by the federal government shutdown and state budget impasse. The Department encourages lenders to consider prudent measures such as providing payment flexibility, extending new credit, or waiving fees to mitigate consumer hardship while maintaining safe-and-sound lending practices. Affected consumers are advised to contact their financial service providers immediately if they encounter financial strain resulting from these fiscal disruptions.
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