WASHINGTON — Federal regulators on Wednesday urged banks and other financial institutions to consider loan modification plans for borrowers affected by the government shutdown, which is now in its second week.

"Prudent workout arrangements that are consistent with safe-and-sound lending practices are generally in the long-term best interest of the financial institution, the borrower and the economy," the five agencies — including the Federal Reserve Board, Consumer Financial Protection Bureau, Federal Deposit Insurance Corp., National Credit Union Administration and Office of the Comptroller of the Currency — said in a joint statement.

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