Today, in light of the ongoing Trump-Republican government shutdown — which Trump and Republicans initiated because of their refusal to cancel cuts to health care — Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, sent a letter to Federal Reserve Chair Jerome H. Powell, Office of the Comptroller of the Currency (OCC) Comptroller Jonathan V. Gould, Federal Deposit Insurance Corporation (FDIC) Acting Chair Travis Hill, National Credit Union Administration (NCUA) Chairman Kyle S. Hauptman and Consumer Financial Protection Bureau (CFPB) Acting Director Russell Vought.

In the letter, Ranking Member Waters raises concerns about the growing financial strain the Trump-Republican government shutdown is placing on federal workers, servicemembers, and contractors. Waters urges the heads of the federal financial regulatory agencies to issue immediate, coordinated guidance, similar to the actions regulators have taken during previous shutdowns, to ensure that affected families, individuals, and small businesses are protected from lasting financial harm, including the impact this shutdown may have on the creditworthiness of those impacted.

“I write as President Trump and Congressional Republicans continue to refuse to negotiate with Congressional Democrats, resulting in a shutdown of most of the Federal Government, which began on October 1, 2025. Through no fault of their own, hundreds of thousands of Federal workers, servicemembers, and Federal contractors have been adversely impacted and may find it difficult to meet their credit obligations while they are not being paid. Moreover, any missed payments caused by the government shutdown could have undue, lasting impacts on their reported creditworthiness, making it difficult for them to obtain future credit or increasing their borrowing costs,” wrote Ranking Member Waters. “Accordingly, I urge your agencies to promptly and jointly reaffirm guidance issued during past shutdowns1 to, among other things, encourage regulated entities to work with affected individuals and businesses, consistent with safe and sound lending practices, to minimize any adverse financial impact from the shutdown.”

In closing, Ranking Member Waters calls on regulators to use every tool within their statutory authority to support Americans affected by the shutdown and to ensure that no worker or family suffers long-term consequences for circumstances entirely beyond their control. Waters emphasizes that federal regulators have a duty to protect consumers’ financial well-being and maintain the stability of the broader economy in the face of this reckless and unnecessary shutdown.

During the last Trump shutdown in 2019, Ranking Member Waters wrote a similar letter requesting that agencies take immediate action, including encouraging the institutions they regulate to consider prudent efforts to modify terms on existing loans or extend new credit to help affected borrowers. The agencies responded the next day with much-needed guidance to the benefit of the American public.

Read the full letter HERE.

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