The Oregon Division of Financial Regulation is urging state-regulated financial and insurance entities to assist residents affected by the federal government shutdown, which has impacted around 10,000 federal workers in Oregon. Acting insurance commissioner TK Keen emphasized, “We encourage entities regulated under our jurisdiction to take active measures to provide help to their customers and policyholders that are directly affected by the federal government shutdown,” according to the Department of Consumer and Business Services.
The Oregon Division of Financial Regulation is recommending measures such as grace periods on payments, extended timelines for claims and debt repayment, waiving late fees, and pausing foreclosures and evictions. Their guidance aims to ease the financial strain on those facing unpaid furloughs or temporary hardship due to the ongoing shutdown, as reported by the Department of Consumer and Business Services.
TK Keen said, “We know the shutdown has affected thousands of families in Oregon and we are asking our regulated entities to give some grace to those who have no control over the situation they are currently in.” The division said all actions must follow state and federal laws. Financial institutions and insurance companies can find guidance on the Oregon Division of Financial Regulation website. Residents affected by the shutdown can call 1-888-877-4894 or email [email protected] or [email protected] for assistance, as stated by the Department of Consumer and Business Services.
