Bank Regulators to Stay Open While Other Agencies Partially Close; NFIP Reauthorized
December 24, 2018
With the federal government shut down since Saturday morning, several agencies are closing all but essential operations. Federal banking regulators -- the Consumer Financial Protection Bureau, FDIC, Federal Reserve and OCC -- will remain open as their funding does not come from congressional spending. However, federal lending programs, including the Small Business Administration, Federal Housing Administration and USDA programs, will be curtailed.
The Securities and Exchange Commission said that it will prioritize investor protection and market integrity functions starting on Dec. 27 should the shutdown persist; the Commodity Futures Trading Commission will likewise shut down all but essential market support functions. The Financial Crimes Enforcement Network will continue to process industry anti-money laundering filings. For more information, visit individual agency and department websites.
Averting fears of a lapse in the National Flood Insurance Program, which was coupled to the spending bill that expired on Friday, Congress passed a standalone bill that extended the National Flood Insurance Program's authorization through May 31, 2019.
Banks of all sizes have already begun working with affected customers -- principally federal employees and contractors, who will not be paid during a protracted shutdown -- to waive fees or provide other accommodations. ABA Daily Newsbytes is not scheduled to publish this week but will issue special editions as needed to keep readers apprised of changes to the federal government’s funding status. ABA's offices are closed today and tomorrow and will reopen on Wednesday.