Agencies address supervisory practices for institutions affected by Hurricane Idalia

Federal and state financial regulators issued a joint statement saying they recognize the serious impact of Hurricane Idalia on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision.

Interagency Statement: The agencies said they:

• Encourage financial institutions to work constructively with borrowers in communities affected by Hurricane Idalia and to monitor municipal securities and loans affected by the hurricane.

• Will expedite requests to operate temporary facilities.

• Understand the impact on compliance with publishing and other requirements.

• Do not expect to take supervisory action against institutions that take reasonable and prudent steps to comply with the agencies’ regulatory reporting requirements.

• Will grant Community Reinvestment Act consideration for actions supporting federally designated disaster areas.

FDIC Statement: The FDIC separately announced regulatory relief to facilitate recovery in areas of Florida affected by Hurricane Idalia. The agency is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the severe conditions.