Regulators issue joint statement regarding Hurricane Irma

On Wednesday, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and state bank regulators issued a joint statement that they recognize the serious impact of Hurricane Irma on the customers and operations of many financial institutions and will provide regulatory assistance to affected institutions subject to their supervision. The agencies encouraged institutions in the affected areas to meet the financial services needs of their communities.

The regulators urged bankers to work constructively with borrowers in communities affected by the hurricane, adding that financial institutions may receive CRA consideration for community development loans, investments, or services that revitalize or stabilize federally designated disaster areas in their assessment areas or in the states or regions that include their assessment areas. They also encouraged bankers to appropriately monitor investments in municipal securities and loans that might be affected by the storm, and make prudent efforts as needed to stabilize such investments.

The statement also related a number of regulatory accommodations and other assistance available to assist banks that are heavily impacted by the storm.