Federal financial institution regulators and Florida’s financial regulatory office teamed up in a joint statement Tuesday on their supervisory considerations in addressing the needs of customers and financial institutions affected by Hurricane Milton.
In a release Tuesday, the agencies – the Federal Deposit Insurance Corp. (FDIC), Federal Reserve Board, Florida Office of Financial Regulation, National Credit Union Administration (NCUA), and Office of the Comptroller of the Currency (OCC) – said they “recognize the serious impact of Hurricane Milton on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision.”
Encouraging institutions to meet their communities’ financial needs, the statement reiterated the typical supervisory considerations at play in times of disaster, focusing on things such as potential loan modifications, getting permission to set up temporary facilities, notifying regulators if institutions have problems meeting publishing and regulatory reporting requirements, and monitoring municipal securities and loans affected by Hurricane Milton.
They also noted the possibility of banks receiving Community Reinvestment Act (CRA) consideration “for community development loans, investments, or services that revitalize or stabilize federally designated disaster areas in their assessment areas or in the states or regions that include their assessment areas.”
For more details, institutions were directed to the Interagency Supervisory Examiner Guidance for Institutions Affected by a Major Disaster, available on various agency websites via the following links:
- FDIC: https://www.fdic.gov/news/disaster
- Federal Reserve Board: https://www.federalreserve.gov/supervisionreg/srletters/sr1714a1.pdf
- NCUA: https://www.ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/examiner-guidance-institutions-affected-major-disaster
- OCC: https://www.occ.gov/news-issuances/bulletins/2017/bulletin-2017-61.html
- State financial regulators: https://www.csbs.org/interagency-supervisory-examiner-guidance-institutions-affected-major-disaster