GOV. MALLOY URGES ALL FINANCIAL INSTITUTIONS TO WAIVE LATE FEES RESULTING FROM CUSTOMERS’ INABILITY TO DO BUSINESS DUE TO IMPACT OF STORM

This news release was issued by the Governor's Office

November 3, 2011

Governor Dannel P. Malloy, working with Department of Consumer Protection Commissioner William Rubenstein and Department of Banking Commissioner Howard Pitkin, is strongly urging all financial institutions to waive any late fees incurred as a result of Connecticut residents’ inability to conduct financial business due to the widespread power outages across the state.

 “We’ve been trying to address deadline and other issues that have come up as a result of a sustained loss of power and widespread damage across the state,” Governor Malloy said.  “Legally, I cannot compel businesses to waive late fees, but I would hope that at a time like this, banks and other financial institutions would agree not to profit from customers’ inability to access online or in-person their financial services.”

Storm conditions have caused widespread power outages resulting in disruptions in the ability of people to conduct their normal financial business in a timely manner.  Many communities have no internet services, and offices and branches of banks, credit unions and mortgage companies have been closed due to lack of power.

“During these trying times, the financial services community can make an impact in the lives of Connecticut residents who have been affected by this unprecedented storm,” Governor Malloy said.