Politics & Government

Malloy Urging Businesses to Waive Late Fees

The governor says widespread power outages are affecting people's ability to pay in a timely manner.

Gov. Dannel P. Malloy is asking financial institutions for a little compassion.

In the wake of a snowstorm that has left historic numbers of residents without power, Malloy is "strongly urging" businesses to waive lat fees that may be incurred during this time. He is working with Department of Consumer Protection Commissioner William Rubenstein and Department of Banking Commission Howard Pitkin on this effort.

“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,” 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.”

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. As such, people may be unable to make payments in a timely manner.

“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,” Malloy said.

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