Regulators Issue Joint Statement on California Wildfires

As wildfires continue to affect communities in Southern California, federal and state regulatory agencies yesterday 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.

The American Bankers Association has created a dedicated resource page for the California wildfires offering 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 and other industry recovery resources for banks and consumers.