Residence Insurance Companies Provide Regulatory Assistance in Disaster Affected Areas
Agencies Provide Regulatory Assistance in Disaster Affected Areas
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Conference of State Bank Supervisors issued a joint statement recognizing the impact of Hurricane Laura and the California wildfires on the operations of financial institutions on the first day of National Preparedness Month.
The agencies announced they will provide the following regulatory assistance through the joint statement
- Lending: The agencies advised that actions taken fully to affect the regards to current loans in affected areas вЂњshould never be at the mercy of examiner criticismвЂќ and they вЂњwill look at the unusual circumstances these institutions faceвЂќ in supervising any organizations which are suffering from these catastrophes. The agencies recommended that improvements of current loans must certanly be examined separately, taking into consideration the circumstances of each and every debtor and loan, to ascertain whether such changes would represent debt that is troubled.
- Temporary places: Where controlled organizations face challenges in re-opening facilities after Hurricane Laura therefore the Ca wildfires, the agencies вЂњwill expedite, as appropriate, any demand to use temporary facilities to present more convenient accessibility to solutions to those impacted by these catastrophes.вЂќ Impacted organizations can start the approval process for short-term facilities through a call with their main regulator.
- Publishing demands: Because harm brought on by Hurricane Laura plus the Ca wildfires may influence conformity with notice demands for branch closings, relocations, and short-term facilities, regulated organizations should contact their regulator that is primary if encounter difficulties in complying with publishing or notice needs. […]