While encouraging financial institutions to help those affected by Hurricane Michael, the Office of the Comptroller of the Currency, Federal Reserve, FDIC, NCUA and state regulators announced in a joint statement Wednesday that they are ready to provide regulatory assistance to affected institutions subject to their supervision.
The joint statement covered several areas of supervision and how the regulators will respond to those financial institutions affected by this hurricane. Areas highlighted by the regulators, among others, include:
- Lending: The regulators specifically noted that “prudent efforts to adjust or alter terms on existing loans in affected areas should not be subject to examiner criticism.”
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