The federal and state banking regulators issued an interagency statement today regarding financial institutions affected by Hurricane Laura and the California wildfires. Complementing previously issued statements and relief, the agencies urged banks to work constructively with borrowers in affected communities and promised in supervision to “consider the unusual circumstances these institutions face.”
The agencies also said they would expedite bank requests to operate out of temporary facilities and that they understood disaster damage may affect banks’ ability to comply with reporting and publishing requirements. Banks may receive Community Reinvestment Act consideration for activities that revitalize or stabilize designated disaster areas in their assessment areas or in the states or regions that include their assessment areas. Read more.
