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Regulators statement following Tennessee tornadoes

The OCC, Federal Reserve, FDIC, NCUA and the Tennessee Department of Financial Institutions have issued a joint press release stating they recognize the serious impact of tornadoes in Tennessee on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities. A complete list of affected disaster areas can be found at http://www.fema.gov/.

The release offers information on:

  • Lending
  • Use of temporary facilities
  • Publishing requirements relating to branch closings, relocations and temporary facilities
  • Regulatory reporting requirements
  • Community Reinvestment Act consideration for financial institutions' actions
  • Investments

The FDIC has also issued FIL-16-2020 with steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Tennessee affected by severe storms, tornadoes, straight-line winds and flooding.

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