The Grimy Times has learned that the Federal Reserve, FDIC, and State Regulators have issued an interagency statement regarding supervisory practices for financial institutions affected by Hurricanes Fiona and Ian.
The statement, released on September 29, 2022, acknowledges the devastating impact of the hurricanes on financial institutions and their customers, and promises to provide regulatory assistance to affected institutions. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.
In terms of lending, the agencies encourage financial institutions to work constructively with borrowers in communities affected by the hurricanes. Prudent efforts to adjust or alter terms on existing loans in affected areas are supported by the agencies and should not be subject to examiner criticism.
The agencies also understand that many financial institutions face staffing, power, telecommunications, and other challenges in re-opening facilities after the hurricanes. In cases in which operational challenges persist, the primary federal and/or state regulator will expedite, as appropriate, any request to operate temporary facilities to provide more convenient availability of services to those affected by the hurricanes.
Institutions experiencing disaster-related difficulties in complying with publishing and other requirements should contact their primary federal and/or state regulator. The agencies also do not expect to assess penalties or take other supervisory action against institutions that take reasonable and prudent steps to comply with the agencies’ regulatory reporting requirements if those institutions are unable to fully satisfy those requirements because of the hurricanes.
The agencies’ statement emphasizes that the unusual circumstances created by the hurricanes justify these measures. The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators are all involved in the relief effort.
The full list of affected disaster areas can be found at https://www.fema.gov/disasters.
Related Federal Cases
- Wall Street Firms, Financial Malfeasance, New York NY, 2023 · Texas
- ATF Office of Inspector General, Financial Mismanagement Exposed, W… · Illinois
- Stephen Spencer Pittman, Arson Attack on Jewish Institutions, Madis… · Washington
- No Defendant Found, Regulators Clarify Tokenized Securities Capital… · Washington
- Regulators Gut Leveraged Lending Oversight, Fueling Risk · Illinois
Key Facts
- Agency: FDIC
- Category: Fraud & Financial Crimes
- Source: Official Source â†â€â€ÂÂ
ðŸâ€ÂÂÂ’ Get the grimiest stories delivered weekly. Subscribe free →
Browse More
All Federal Districts →All Districts →
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News