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How is the Government Shutdown Impacting the Federal Banking Agencies and Consumer Financial Services Regulators?

The CFPB and the federal banking agencies—the FDIC, Fed, and OCC— remain open during the government shutdown as their funding does not come from congressional appropriations.  However, the shutdown has resulted in the closing of the FTC.

Also closed during the shutdown are many HUD operations and activities.  Certain lending-related operations will continue during the shutdown such as the endorsement of FHA-insured loans (with the exception of Home Equity Conversion Mortgages and Title I loans) and Ginnie Mae will continue to operate.  Other federal lending programs impacted by the shutdown include those administered by the Small Business Administration which is closed during the shutdown.

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About this Author

Barbara S. Mishkin, Ballard Spahr, Philadelphia, Deceptive Practices Lawyer, Fair Debt Collection Practices Act, Gramm Leach Bliley
Of Counsel

Barbara Mishkin focuses on consumer compliance and banking law. The federal laws with which Ms. Mishkin has dealt extensively include the Truth in Lending Act, Equal Credit Opportunity Act, Real Estate Settlement Procedures Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, and Gramm-Leach-Bliley Act. She also has significant experience with state usury and lender licensing laws, as well as state laws prohibiting unfair and deceptive acts and practices.

American Bar Association, member, Consumer Financial Services Committee;...

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