The Federal Deposit Insurance Corporation, the Federal Reserve Board, the Florida Office of Financial Regulation, the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency have issued a statement acknowledging the significant impact of Hurricane Milton on financial institutions. These agencies have pledged to provide regulatory assistance to affected institutions.
The agencies are encouraging financial institutions in areas impacted by Hurricane Milton to address community needs for financial services. They support efforts by these institutions to adjust loan terms for borrowers without facing criticism from examiners. According to U.S. generally accepted accounting principles, modifications of existing loans should be evaluated individually to determine if they represent troubled debt restructurings or modifications for borrowers experiencing financial difficulty.
Due to operational challenges like staffing and power outages following Hurricane Milton, regulators will expedite requests for temporary facilities. A telephone notice can initiate this process with written notification required shortly thereafter.
Publishing requirements related to branch closings or relocations may be impacted by hurricane damage. Institutions facing compliance issues should contact their primary regulator. Similarly, those expecting difficulties with regulatory reporting due to Hurricane Milton should communicate with their regulators; penalties are not expected for reasonable attempts at compliance.
Institutions might receive Community Reinvestment Act consideration for community development efforts that help revitalize disaster areas. Monitoring municipal securities and loans affected by the hurricane is also encouraged.
For further guidance on managing disaster impacts, various resources from FDIC, FRB, NCUA, OCC, and state regulators are available online.
Media contacts include LaJuan Williams-Young (FDIC), Katie Norris (FOFR), Meg Nelson (FRB), Joseph Adamoli (NCUA), and Stephanie Collins (OCC).
The NCUA oversees federal credit unions and manages the National Credit Union Share Insurance Fund insuring deposits across federal credit unions. It also focuses on consumer protection and financial literacy education.
For media inquiries regarding NCUA's role and actions post-Hurricane Milton, contact Joe Adamoli at JAdamoli@ncua.gov or 703-518-6572.
