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Regulatory Relief Meeting the Financial Needs of Customers Affected by Hurricane Irma…

September 19, 2017 / Source: FDIC

Financial Institution Letters

FIL-43-2017
September 18, 2017

Regulatory Relief
Meeting the Financial Needs of Customers Affected by Hurricane Irma and its Aftermath
Update: Updating to reflect a major disaster declaration in Georgia.

Printable Format: FIL-43-2017 - PDF (PDF Help)

Summary:

The FDIC encourages depository institutions to consider all reasonable and prudent steps to assist customers in communities affected by recent storms. The FDIC recognizes that efforts to work with borrowers in the affected communities can be consistent with safe-and-sound banking practices and in the public interest.

Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter applies to all FDIC-supervised institutions, including community banks.

Highlights:

  • The FDIC encourages depository institutions to consider all reasonable and prudent steps to assist customers in communities affected by recent storms.
  • When consistent with safe-and-sound banking practices, these efforts may include waiving fees, increasing ATM cash limits, easing credit card limits, allowing loan customers to defer or skip payments, and delaying the submission of delinquency notices to credit bureaus.
  • The FDIC encourages depository institutions to use non- documentary verification methods permitted by the Customer Identification Program requirement of the Bank Secrecy Act for affected customers who cannot provide standard identification documents.
  • Prudent efforts by depository institutions to meet customers' cash and financial needs generally will not be subject to examiner criticism.

 

Distribution:

FDIC-Supervised Banks (Commercial and Savings) in St. John and St. Thomas islands of the U.S. Virgin Islands, The Commonwealth of Puerto Rico, Florida and Georgia.

Suggested Routing:

Chief Executive Officer 
Chief Loan Officer 
Compliance Officer

Related Topics:

Lessons Learned From Hurricane Katrina: Preparing Your Institution for a Catastrophic Event

Attachments:

Meeting the Financial Needs of Customers Affected by Hurricane Irma and Frequently Asked Questions for Bank Customers in Areas Affected by Hurricane Irma

Contact:

New York Region: Gregory P. Bottone, Assistant Regional Director, at (781)794-5514, or GBottone@FDIC.gov, for the U.S. Virgin Islands, and The Commonwealth of Puerto Rico.
Atlanta Region: Timothy D. Flono, Assistant Regional Director, at (678) 916-2181, or TFlono@FDIC.gov, for Florida and Georgia.

Note:

FDIC financial institution letters (FILs) may be accessed from the FDIC's website at https://www.fdic.gov/news/news/financial/2017/.

To receive FILs electronically, please visit https://www.fdic.gov/about/subscriptions/fil.html.

Paper copies of FDIC Financial Institution Letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).