Federal financial institution regulatory agency efforts to assist banks, credit unions and their communities in areas stricken by Hurricane Helene shifted to a consolidated, coordinated approach Wednesday for regulatory relief as the regulators issued joint supervisory practices for institutions in the areas.
In a joint release, the federal banking regulators, the federal credit union supervisor and state financial regulators said they “will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.”
In their release, the agencies focused on lending, temporary facilities, publishing requirements (for branch closings, relocations, and temporary facilities, among other things), compliance with anti-redlining requirements under the Community Reinvestment Act (CRA), reporting requirements and investments.
Not all the regulatory relief provisions issued by the agencies affect all institutions. For example, federal credit unions (and most state credit unions) are not subject to CRA requirements. Likewise, investment authority for credit unions is largely more restricted than that for banks.
Institutions were encouraged to contact their appropriate regulator for details.
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