Federal regulators offer guidance for FIs affected by Hurricane Ida, California wildfires

by NAFCU Newsroom

The federal financial regulators, including the NCUA, this week issued interagency guidance related to supervisory practices for financial institutions that have been impacted by Hurricane Ida or the California wildfires. Through the statement, the agencies indicated that they intend to provide appropriate regulatory assistance to affected institutions related to several issues and instructed financial institutions operating in the affected areas to meet the financial services needs of their communities.

Lending

The agencies encouraged financial institutions to work constructively with borrowers in communities affected by Hurricane Ida or the California wildfires and have highlighted that “prudent efforts” to adjust or alter terms on existing loans in affected areas should not be subject to examiner criticism.

Temporary Facilities

 

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