Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Bank regulators respond to Hurricane Michael

Joe Mont | October 11, 2018

Federal banking regulators have issued an alert for financial institutions that are affected by Hurricane Michael.

The alert was issued jointly by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration.

They “recognize the serious impact of Hurricane Michael on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision,” the alert says.

A complete list of the affected disaster areas can be found at www.fema.gov.

Lending

Financial institutions, the regulators write, should work constructively with borrowers in communities affected by Hurricane Michael. Prudent efforts to adjust or alter terms on existing loans in affected areas should not be subject to...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.