With many communities in Kentucky and surrounding states receiving serious damage from severe storms and tornadoes over the weekend, 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.
The American Bankers Association Foundation yesterday announced that it has partnered with the Kentucky Bankers Association to support relief efforts in the state. At the request of KBA, the ABA Foundation is collecting donations to support the Kentucky Bankers Relief Fund. One hundred percent of funds will support bankers directly affected by tornadoes, along with other local relief efforts. Donations—which are tax deductible—will be accepted until Jan. 25, 2022.