As banks in Florida brace for the effects of Hurricane Michael, the American Bankers Association’s dedicated hurricane preparedness and response webpage offers bankers useful tools and resources to assist with the recovery process. The page provides links to announcements and alerts from public and private agencies, situational reports and analyses, state evacuation, re-entry and road status updates, links to state associations’ hurricane resources and other industry recovery resources for banks and consumers.
“Our thoughts and prayers are with all of those in the path of Hurricane Michael, which has now made landfall in Florida,” said ABA President and CEO Rob Nichols today. “On the heels of Hurricane Florence, we are particularly concerned about those communities facing a second devastating blow in less than a month. We will continue to monitor the path of this storm closely, and we look forward to joining with our members in supporting recovery efforts.” ABA is closely coordinating with state bankers associations in the affected areas to determine the full effect of the storm on banks and their employees, Nichols added.
In related news, 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. View ABA’s resources page.