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Government Shutdown Begins; Banking Regulators Remain Open

Posted on 10/1/2013

With the Senate having rejected the latest House continuing resolution, the federal government started the new fiscal year today under a partial shutdown. The Federal Reserve, OCC, Consumer Financial Protection Bureau, and FDIC remain open, as they are not subject to the annual appropriations process. This means bank examinations and bank-only rulemakings will continue. Interagency rulemakings that involve regulators affected by appropriations will not move forward during the shutdown.

The Securities and Exchange Commission said it will use funds carried over from the previous fiscal year to remain open "for a few weeks." The Treasury Department and its Congressionally funded agencies are expected to halt most operations. The Federal Housing Administration (FHA) is partially closed; home loans requiring FHA approval may not be processed during the shutdown and federal flood insurance policies may not be issued.

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