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MAINE DEPARTMENT OF PROFESSIONAL
AND FINANCIAL REGULATION

35 SHS, Augusta, Maine 04333

 
Phone: (207) 624-8500
Fax: (207) 624-8690
TTY: (888) 577-6690

State Financial Regulators Seek Assistance for Flood Victims

 

May 9, 2008

 

 

In response to the Governor’s call to action on behalf of the people of Aroostook County, the Department of Professional and Financial Regulation is encouraging all banks and credit unions, as well as mortgage companies and other creditors, to work cooperatively with residents impacted by recent severe weather and flooding.

Acting Commissioner Anne L. Head announced that the Department’s Bureau of Financial Institutions and its Bureau of Consumer Credit Protection are also available to assist consumers who need information or help in contacting lenders to revise payment schedules or to discuss other actions that might ease their financial burden.

Regulators urged financial institutions and other creditors to give due consideration to the circumstances surrounding customers who reside in affected regions by avoiding assessment of late fees and other penalties, by delaying foreclosures or repossessions, by considering other forbearance activities, and by adjusting payment plans whenever possible in ways that are consistent with sound banking and financial practices.

If payments will be late, all customers are encouraged to contact their lenders as soon as possible. They are also urged to get in touch with the Department of Professional and Financial Regulation if they have questions or concerns. The Bureau of Consumer Credit Protection can be reached by calling toll-free 1-800-332-8529. The Bureau of Financial Institutions can be contacted by calling 1-800-965-5235.

“Many residents of Aroostook County will undoubtedly experience short-term financial challenges. As a consequence of the flooding, their ability to meet financial commitments may be hindered through no fault of their own,” commented William N. Lund, Superintendent of the Bureau of Consumer Credit Protection.

Lloyd P. LaFountain III, Superintendent of the Bureau of Financial Institutions stated that “because mortgage, auto, credit card and other payments may be impacted, lenders are asked to be understanding and cooperative, while consumers are encouraged to make their circumstances known to their creditors as soon as possible.”

Similar action has historically been taken by the Department of Professional and Financial Regulation when severe weather and natural disasters have caused significant damage to Maine homes and infrastructure. For example, a major statewide consumer protection effort was made in January, 1998 following the Ice Storm.

The Department of Professional and Financial Regulation encourages sound ethical business practices through impartial and efficient regulation of insurers, financial institutions, creditors, investment providers, and numerous professions and occupations for the purpose of protecting the citizens of Maine. Consumers can reach the Department online at www.maine.gov/pfr.

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Last Updated: May 9, 2008 2:27 PM