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  • OCC allows institutions affected by Vermont flooding to temporarily close

    Federal Issues

    On July 11, the OCC issued a proclamation permitting OCC-regulated institutions to close offices, at their discretion, affected by severe flooding in Vermont “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 Vermont Consumer Finance

  • FDIC announces Guam disaster relief

    Federal Issues

    On June 2, the FDIC issued FIL-27-2023 to provide regulatory relief to financial institutions and facilitate recovery in areas of Guam affected by Typhoon Mawar. The FDIC acknowledged the unusual circumstances faced by affected financial institutions and encouraged those institutions to work with impacted borrowers to, among other things: (i) extend repayment terms; (ii) restructure existing loans; or (iii) ease terms for new loans, provided the measures are done “in a manner consistent with sound banking practices.” Additionally, the FDIC noted that financial institutions “may receive favorable Community Reinvestment Act consideration for community development loans, investments, and services in support of disaster recovery.” The FDIC will also consider regulatory relief from certain filing and publishing requirements and instructed financial institutions to contact their regional community affairs officer.

    Federal Issues FDIC Consumer Finance Bank Regulatory Disaster Relief Guam CRA

  • FDIC announces Florida disaster relief

    On May 5, the FDIC issued FIL-22-2023 to provide regulatory relief to financial institutions and help facilitate recovery in areas of Florida affected by severe storms, tornados, and flooding from April 12 to 14. The FDIC acknowledged the unusual circumstances faced by affected institutions and encouraged those institutions to work with impacted borrowers to, among other things: (i) extend repayment terms; (ii) restructure existing loans; or (iii) ease terms for new loans, provided the measures are done “in a manner consistent with sound banking practices.” Additionally, the FDIC noted that institutions “may receive favorable Community Reinvestment Act consideration for community development loans, investments, and services in support of disaster recovery.” The FDIC will also consider regulatory relief from certain filing and publishing requirements and instructed institutions to contact the Atlanta Regional Office if they expect delays in making filings or are experiencing difficulties in complying with publishing or other requirements.

    Bank Regulatory Federal Issues FDIC Consumer Finance Disaster Relief Florida

  • FDIC announces Oklahoma disaster relief

    On April 28, the FDIC issued FIL-22-2023 to provide regulatory relief to financial institutions and help facilitate recovery in areas of Oklahoma affected by severe storms, straight-line winds, and tornados from April 19 to 20. The FDIC acknowledged the unusual circumstances faced by affected institutions and encouraged those institutions to work with impacted borrowers to, among other things: (i) extend repayment terms; (ii) restructure existing loans; or (iii) ease terms for new loans, provided the measures are done “in a manner consistent with sound banking practices.” Additionally, the FDIC noted that institutions “may receive favorable Community Reinvestment Act consideration for community development loans, investments, and services in support of disaster recovery.” The FDIC will also consider regulatory relief from certain filing and publishing requirements and instructed institutions to contact the Dallas Regional Office if they expect delays in making filings or are experiencing difficulties in complying with publishing or other requirements.

    Bank Regulatory Federal Issues FDIC Consumer Finance Disaster Relief Oklahoma

  • FDIC announces Indiana disaster relief

    On April 24, the FDIC issued FIL-18-2023 to provide regulatory relief to financial institutions and help facilitate recovery in areas of Indiana affected by severe storms, straight-line winds, and tornados from March 31 to April 1. The FDIC acknowledged the unusual circumstances faced by affected institutions and encouraged those institutions to work with impacted borrowers to, among other things: (i) extend repayment terms; (ii) restructure existing loans; or (iii) ease terms for new loans, provided the measures are done “in a manner consistent with sound banking practices.” Additionally, the FDIC noted that institutions “may receive favorable Community Reinvestment Act consideration for community development loans, investments, and services in support of disaster recovery.” The FDIC will also consider regulatory relief from certain filing and publishing requirements, and instructs institutions to contact the Chicago Regional Office if they expect delays in making filings or are experiencing difficulties in complying with publishing or other requirements.

    Bank Regulatory Federal Issues FDIC Consumer Finance Disaster Relief Indiana

  • FDIC announces California and Tennessee disaster relief

    On April 13, the FDIC issued FIL-15-2023 to provide regulatory relief to financial institutions and help facilitate recovery in areas of California affected by severe winter storms, straight-line winds, flooding, landslides, and mudslides that began February 21 and continue to affect the region. The FDIC acknowledged the unusual circumstances faced by affected institutions and encouraged those institutions to work with impacted borrowers to, among other things: (i) extend repayment terms; (ii) restructure existing loans; or (iii) ease terms for new loans, provided the measures are done “in a manner consistent with sound banking practices.” Additionally, the FDIC noted that institutions “may receive favorable Community Reinvestment Act consideration for community development loans, investments, and services in support of disaster recovery.” The FDIC will also consider regulatory relief from certain filing and publishing requirements and instructs institutions to contact the San Francisco Regional Office for consideration. The same day, the FDIC issued FIL-16-2023 to provide similar regulatory relief to financial institutions and help facilitate recovery in areas of Tennessee affected by severe storms, straight-line winds, and tornadoes between March 31 and April 1.

    Bank Regulatory Federal Issues FDIC Disaster Relief Consumer Finance California Tennessee

  • HUD announces Arkansas disaster relief

    Federal Issues

    On April 5, HUD announced disaster assistance for areas in Arkansas impacted by severe storms and tornadoes on March 31. The disaster assistance follows President Biden’s major disaster declaration on April 2. According to the announcement, HUD is providing immediate foreclosure relief, making FHA mortgage insurance available to disaster victims, and providing information on housing providers, as well as HUD-approved housing counseling agencies, among other measures. Specifically, HUD is providing an automatic 90-day moratorium on foreclosures of FHA-insured home mortgages for covered properties, as well as an automatic 90-day extension for home equity conversion mortgages, effective April 2. It is also making various FHA insurance options available to victims whose homes require repairs or were destroyed. HUD’s Section 203(h) program allows borrowers from participating FHA-approved lenders to obtain 100 percent financing, including closing costs, for homes that require “reconstruction or complete replacement.” HUD’s Section 203(k) loan program enables individuals to finance the repair of their existing homes or to include repair costs in the financing of a home purchase or a refinancing of a home through a single mortgage. HUD is also allowing administrative flexibilities for community planning and development grantees, as well as to public housing agencies and Tribes. Additionally, HUD is advising consumers who believe they have experienced housing discrimination as a result of the disaster to reach out to the agency’s Office of Fair Housing and Equal Opportunity.

    Federal Issues HUD Disaster Relief Consumer Finance Mortgages Arkansas

  • FDIC announces Arkansas and Mississippi disaster relief

    On April 5, the FDIC issued FIL-14-2023 to provide regulatory relief to financial institutions and help facilitate recovery in areas of Arkansas affected by severe storms and tornadoes on March 31. The FDIC acknowledged the unusual circumstances faced by institutions affected by the storms and encouraged institutions to work with impacted borrowers to, among other things: (i) extend repayment terms; (ii) restructure existing loans; or (iii) ease terms for new loans, provided the measures are done “in a manner consistent with sound banking practices.” Additionally, the FDIC noted that institutions “may receive favorable Community Reinvestment Act consideration for community development loans, investments, and services in support of disaster recovery.” The FDIC will also consider regulatory relief from certain filing and publishing requirements and instructs institutions to contact the Dallas Regional Office for consideration. Earlier, on March 30, the FDIC issued FIL-12-2023 to provide similar regulatory relief to financial institutions and help facilitate recovery in areas of Mississippi affected by severe storms, straight-line winds, and tornadoes on March 24 and 25.

    Bank Regulatory Federal Issues FDIC Disaster Relief Consumer Finance Mississippi Arkansas

  • HUD announces Mississippi disaster relief

    Federal Issues

    On March 28, HUD announced disaster assistance for areas in Mississippi impacted by severe storms, straight-line winds, and tornadoes beginning March 24 to March 25. The disaster assistance follows President Biden’s major disaster declaration on March 26. According to the announcement, HUD is providing immediate foreclosure relief, making various FHA mortgage insurance available to disaster victims, and providing information on housing providers, as well as HUD-approved housing counseling agencies, among other measures. Specifically, HUD is providing an automatic 90-day moratorium on foreclosures of FHA-insured home mortgages for covered properties, as well as a 90-day extension granted automatically for home equity conversion mortgages, effective March 26. It is also making various FHA insurance options available to victims whose homes require repairs or were destroyed or severely damaged. HUD’s Section 203(h) program allows borrowers from participating FHA-approved lenders to obtain 100 percent financing, including closing costs, for homes that require “reconstruction or complete replacement.” HUD’s Section 203(k) loan program enables individuals to finance the repair of their existing homes or to include repair costs in the finance of a home purchase or a refinance of a home through a single mortgage. HUD is also allowing administrative flexibilities to community planning and development grantees, as well as to public housing agencies and Tribes.

    Federal Issues HUD Consumer Finance Mortgages Mississippi Disaster Relief

  • FDIC announces Georgia disaster relief

    On January 20, the FDIC issued FIL-05-2023 to provide regulatory relief to financial institutions and help facilitate recovery in areas of Georgia affected by severe storms, straight-line winds, and tornadoes on January 12. The FDIC acknowledged the unusual circumstances faced by institutions affected by the storms and encouraged institutions to work with impacted borrowers to, among other things: (i) extend repayment terms; (ii) restructure existing loans; or (iii) ease terms for new loans, provided the measures are done “in a manner consistent with sound banking practices.” Additionally, the FDIC noted that institutions “may receive favorable Community Reinvestment Act consideration for community development loans, investments, and services in support of disaster recovery.” The FDIC will also consider regulatory relief from certain filing and publishing requirements and instructs institutions to contact the Atlanta Regional Office for consideration.

    Bank Regulatory Federal Issues FDIC Disaster Relief Consumer Finance

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