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  • OCC allows institutions affected by severe flooding in Gulf Coast to temporarily close

    Federal Issues

    On July 12, the OCC issued a proclamation permitting OCC-regulated institutions, at their discretion, to close offices affected by severe weather along the Gulf Coast “for as long as deemed necessary for bank operation or public safety.” In issuing the proclamation, the OCC noted that only bank offices directly affected by potentially unsafe conditions should close and that institutions should make every effort to reopen as quickly as possible to address customers’ banking needs. The proclamation directs institutions to OCC Bulletin 2012-28 for further guidance on actions they should take in response to natural disasters and other emergency conditions.

    Find continuing InfoBytes coverage on disaster relief here.

    Federal Issues OCC Disaster Relief

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  • VA encourages relief for Arkansas borrowers

    Federal Issues

    On June 20, the Department of Veterans Affairs (VA) issued Circular 26-19-16, encouraging mortgagees to provide relief for VA borrowers impacted by severe storms and flooding in Arkansas. Among other forms of assistance, the Circular encourages loan holders and servicers to (i) extend forbearance to borrowers in distress because of the severe storms and flooding; (ii) establishes a 90-day moratorium from the disaster date on initiating new foreclosures on affected loans; (iii) waives late charges on affected loans; and (iv) suspends credit reporting. The Circular is effective until July 1, 2020. Mortgage servicers and veteran borrowers are also encouraged to review the VA’s Guidance on Natural Disasters.

    Find continuing InfoBytes coverage on disaster relief guidance here.

    Federal Issues Department of Veterans Affairs Disaster Relief

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  • VA encourages loan holders to extend relief to Louisiana and Oklahoma borrowers

    Federal Issues

    On June 18, the Department of Veterans Affairs (VA) issued Circular 26-19-14 and Circular 26-19-15, encouraging relief for VA borrowers impacted by severe storms in Louisiana and Oklahoma. Among other things, the Circulars encourage loan holders to (i) extend forbearance to borrowers in distress because of the severe storms and flooding; (ii) establish a 90-day moratorium from the disaster date on initiating new foreclosures on affected loans; (iii) waive late charges on affected loans; and (iv) suspend credit reporting. The Circulars are effective until July 1, 2020. Mortgage servicers and veteran borrowers are also encouraged to review the VA’s Guidance on Natural Disasters.

    Find continuing InfoBytes coverage on disaster relief guidance here.

    Federal Issues Department of Veterans Affairs Disaster Relief

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  • FDIC encourages release for Arkansas and South Dakota borrowers

    Federal Issues

    On June 17, the FDIC issued Financial Institution Letters FIL-32-2019 and FIL-33-2019 to provide regulatory relief to financial institutions and help facilitate recovery in areas of Arkansas and South Dakota affected by severe weather. FIL-32-2019 covers severe storms and flooding caused significant property damage in areas of Arkansas from May 21 through the present and FIL-33-2019 covers severe winter storm, snowstorm, and flooding caused significant property damage in areas of South Dakota from March 13 through April 26.

    The FDIC is encouraging institutions to consider, among other things, extending repayment terms and restructuring existing loans to borrowers affected by the severe weather. Additionally, the FDIC notes that institutions may receive favorable Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery.

    Find continuing InfoBytes coverage on disaster relief guidance here.

    Federal Issues FDIC Disaster Relief CRA Consumer Finance

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  • FDIC encourages relief for Oklahoma borrowers

    Federal Issues

    On June 10, the FDIC issued Financial Institution Letter FIL-30-2019 to provide regulatory relief to financial institutions and help facilitate recovery in areas of Oklahoma affected by severe weather from May 7 through the present. The FDIC is encouraging institutions to consider, among other things, extending repayment terms and restructuring existing loans to borrowers affected by the severe weather. Additionally, the FDIC notes that institutions may receive favorable Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery.

    Find continuing InfoBytes coverage on disaster relief here.

     

    Federal Issues FDIC Disaster Relief CRA Consumer Finance

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  • OCC allows institutions affected by severe flooding in south central U.S. to temporarily close

    Federal Issues

    On May 28, the OCC issued a proclamation permitting OCC-regulated institutions, at their discretion, to close offices affected by severe flooding in the south central region of the U.S. “for as long as deemed necessary for bank operation or public safety.” In issuing the proclamation, the OCC noted that only bank offices directly affected by potentially unsafe conditions should close, and that institutions should make every effort to reopen as quickly as possible to address customers’ banking needs. The proclamation directs institutions to OCC Bulletin 2012-28 for further guidance on actions they should take in response to natural disasters and other emergency conditions.

    Find continuing InfoBytes coverage on disaster relief here.

    Federal Issues OCC Disaster Relief

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  • VA encourages loan holders to extend relief to Iowa borrowers

    Federal Issues

    On March 29, the Department of Veterans Affairs (VA) issued Circular 26-19-10, encouraging relief for VA borrowers impacted by severe storms and flooding in Iowa. Among other things, the Circular encourages loan holders to (i) extend forbearance to borrowers in distress because of the severe storms and flooding; (ii) establish a 90-day moratorium from the disaster date on initiating new foreclosures on affected loans; (iii) waive late charges on affected loans; and (iv) suspend credit reporting. The Circular is effective until April 1, 2020. Mortgage servicers and veteran borrowers are also encouraged to review the VA’s Guidance on Natural Disasters.

    Find continuing InfoBytes coverage on disaster relief here.

    Federal Issues Department of Veterans Affairs Disaster Relief Mortgages

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  • Agencies issue joint statement on Midwest flood disaster relief

    Federal Issues

    On March 25, the OCC, Federal Reserve Board, FDIC, NCUA, and the Conference of State Bank Supervisors (collectively, the “agencies”) issued a joint statement providing guidance to financial institutions impacted by flooding in the Midwest. In the statement, the agencies encourage lenders to work with borrowers in impacted communities and to consider, among other things (i) modifying existing loans based on the facts and circumstances; and (ii) requesting expedited approval to operate temporary bank facilities if faced with operational difficulties. The agencies ask institutions to contact their appropriate federal and/or state regulator if they experience disaster-related difficulties complying with publishing or regulatory reporting requirements. The agencies further note that institutions may receive favorable Community Reinvestment Act consideration for community development loans, investments, and services in support of disaster recovery. The statement also provides links to previously issued examiner guidance for institutions affected by major disasters.

    Find continuing InfoBytes coverage on disaster relief here.

    Federal Issues OCC Federal Reserve FDIC NCUA CSBS Consumer Finance Disaster Relief

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  • OCC allows institutions affected by severe weather in Central Plains and Midwest to close

    Federal Issues

    On March 19, the OCC issued a proclamation permitting OCC-regulated institutions, at their discretion, to close offices affected by severe weather in the Central Plains and Midwest regions of the U.S. “for as long as deemed necessary for bank operation or public safety.” In issuing the proclamation, the OCC noted that only bank offices directly affected by potentially unsafe conditions should close, and that institutions should make every effort to reopen as quickly as possible to address customers’ banking needs. The proclamation directs institutions to OCC Bulletin 2012-28 for further guidance on natural disasters and other emergency conditions.

    Federal Issues OCC Disaster Relief

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  • FDIC encourages relief for Alabama borrowers

    Federal Issues

    On March 7, the FDIC issued Financial Institution Letter FIL-11-2019 to provide regulatory relief to financial institutions and help facilitate recovery in areas of Alabama affected by severe weather since March 3 through the present. The FDIC is encouraging institutions to consider, among other things, extending repayment terms and restructuring existing loans to borrowers affected by the severe weather. Additionally, the FDIC notes that institutions may receive favorable Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery.

    Find continuing InfoBytes coverage on disaster relief here.

    Federal Issues FDIC Disaster Relief CRA Consumer Finance

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