Anticipating the potentially devastating effects of Hurricane Florence on the southeastern United States, federal and state financial regulatory agencies today issued a joint statement reminding banks of supervisory expectations related to disaster recovery. Regulators encouraged banks to work constructively to meet the financial needs of their communities.
The statement addresses supervisory expectations related to lending activities, operating temporary bank facilities, publishing requirements, regulatory reporting requirements, activities that are eligible for Community Reinvestment Act credit and investments. The agencies also provided links to previously issued examiner guidance for institutions affected by major disasters.
In addition to these resources, the American Bankers Association has made available several additional resources to assist banks with disaster preparedness and recovery efforts. These include communications guidance, tips for consumers and links to checklists from FEMA and the Financial Services Information Sharing and Analysis Center.
