The Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators have issued a joint statement acknowledging the significant impact of Hurricane Helene on financial institutions. The agencies are committed to providing regulatory assistance to those affected under their supervision.
The agencies encourage financial institutions in impacted areas to address community needs for financial services. They support constructive efforts by these institutions to modify loan terms for borrowers in affected regions without fear of examiner criticism. Institutions should evaluate such modifications individually to determine if they qualify as troubled debt restructurings or other modifications due to borrower difficulties.
Challenges faced by institutions in reopening facilities after the hurricane are recognized by the agencies. They promise expedited processing for requests to operate temporary facilities where necessary. A phone notice will initially suffice for approval, with written confirmation following soon after.
Hurricane-related damage may hinder compliance with publishing and other requirements concerning branch closures and relocations. Institutions facing such challenges should contact their primary regulator.
Institutions expecting difficulty meeting regulatory reporting requirements due to Hurricane Helene are advised to communicate with their primary regulator. The agencies do not intend to penalize institutions that take reasonable steps but cannot fully comply due to disaster circumstances.
Under the Community Reinvestment Act (CRA), financial institutions might receive consideration for activities that aid disaster area revitalization within their assessment areas or states including those areas.
Institutions are urged to monitor municipal securities and loans affected by Hurricane Helene closely, considering potential impacts on local government projects.
For further guidance, refer to resources provided by State Financial Regulators, FDIC, FRB, OCC, and NCUA through their respective websites.
The NCUA is an independent federal agency overseeing federal credit unions’ regulation and supervision. It insures deposits through the National Credit Union Share Insurance Fund and educates consumers on protection and literacy issues.
Media inquiries can be directed as follows:
– SLC: Laura Fisher at 202.360.4918
– FDIC: LaJuan Williams-Young at 202.898.3876
– FRB: Meg Nelson at 202.452.2955
– NCUA: Ben Hardaway at 703.518.6333
– OCC: Stephanie Collins at 202.649.6870
Additional media inquiries can be addressed to Joe Adamoli via email JAdamoli@ncua.gov or phone 703.518.6572.
