The Federal Deposit Insurance Corporation (FDIC), along with the Federal Reserve Board, National Credit Union Administration, and Office of the Comptroller of the Currency, has issued a joint statement addressing the aftermath of Hurricane Idalia. The agencies acknowledge the severe impact of the storm on financial institutions, emphasizing their commitment to providing regulatory assistance.
The statement encourages financial institutions in affected areas to work with borrowers, adjusting loan terms as necessary without facing examiner criticism. Institutions are advised to individually evaluate loan modifications and consider each borrower’s specific circumstances. This approach is intended to support both safe-and-sound practices and public interest.
Understanding the challenges faced by many institutions in re-opening facilities, the agencies will expedite approval for temporary facilities when requested by the primary federal or state regulator. Institutions encountering difficulties with publishing requirements are urged to contact their regulators for assistance.
In addition, affected institutions facing reporting challenges should reach out to their primary federal and/or state regulators. The agencies express that they do not expect to penalize institutions taking reasonable steps to comply with regulatory reporting requirements due to the storm’s impact.
The agencies’ staffs are poised to assist financial institutions in fulfilling their responsibilities amidst these unprecedented circumstances, demonstrating a united front against the damaging effects of Hurricane Idalia.
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Key Facts
- Agency: FDIC
- Category: Fraud & Financial Crimes|Organized Crime
- Source: Official Source ↗
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