The Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, and other key federal and state regulatory bodies have issued an interagency statement outlining their intentions to provide regulatory relief for financial institutions affected by Hurricane Milton.
Recognizing the severe impact of the storm on customers and operations, these agencies are committed to offering assistance to affected institutions under their supervision. The agencies specifically encourage financial institutions operating in disaster-affected areas to prioritize meeting the financial service needs of their communities.
In a move aimed at supporting borrowers in impacted regions, the agencies have stated that they will support prudent efforts by financial institutions to adjust or alter terms on existing loans. They emphasize that such modifications should not be subject to examiner criticism and that institutions should individually evaluate each case to determine whether it represents a troubled debt restructuring or a modification for borrowers experiencing financial difficulty.
Understanding the challenges faced by many financial institutions in re-opening facilities post-Hurricane Milton due to staffing, power, telecommunications, and other issues, the agencies will expedite requests for temporary facilities. This is to ensure that services remain conveniently accessible to those affected by the storm.
In addition, the agencies acknowledge potential difficulties in complying with publishing and regulatory reporting requirements due to the disaster-related damage. Institutions encountering such challenges are encouraged to contact their primary federal and/or state regulator for guidance.
With a focus on reasonableness and prudence, the agencies assure that they will not assess penalties or take supervisory action against institutions that face reporting difficulties as a result of Hurricane Milton.
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Key Facts
- Agency: FDIC
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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