The Federal Deposit Insurance Corporation, the Federal Reserve Board, the Florida Office of Financial Regulation, the National Credit Union Administration, and the Office of the Comptroller of the Currency have issued a joint statement regarding supervisory practices for financial institutions impacted by Hurricane Milton. These agencies are offering regulatory assistance to affected institutions under their supervision.
Institutions in disaster-stricken areas are encouraged to meet community financial needs. Affected borrowers should receive support from financial institutions, with prudent efforts to adjust loan terms being endorsed by the agencies. Such modifications should be evaluated individually based on U.S. generally accepted accounting principles.
For those facing operational challenges due to Hurricane Milton, temporary facilities may be expedited upon request. Initial telephone notice is sufficient to begin this process.
Compliance with publishing requirements for branch changes may be impacted by hurricane damage. Institutions encountering such difficulties should contact their primary regulator.
Regulatory reporting requirements remain flexible for affected institutions. Agencies do not intend to penalize or take action against those unable to fully comply due to hurricane-related issues.
Financial institutions may also receive Community Reinvestment Act consideration for loans and services aiding disaster recovery in designated areas.
The agencies urge monitoring of municipal securities and loans influenced by Hurricane Milton, encouraging stabilization efforts where necessary.
Further guidance can be found through resources provided by each agency:
- FDIC: [FDIC Disaster News](https://www.fdic.gov/news/disaster)
- FRB: [Federal Reserve Guidance](https://www.federalreserve.gov/supervisionreg/srletters/sr1714a1.pdf)
- NCUA: [NCUA Examiner Guidance](https://www.ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/examiner-guidance-institutions-affected-major-disaster)
- OCC: [OCC Bulletin](https://www.occ.gov/news-issuances/bulletins/2017/bulletin-2017-61.html)
- State Financial Regulators: [CSBS Guidance](https://www.csbs.org/interagency-supervisory-examiner-guidance-institutions-affected-major-disaster)