To provide regulatory relief to financial institutions affected by Texas winter storms.
Severe storms caused serious property damage in Texas areas Feb. 11, 2021, ongoing.
FEMA subsequently declared federal disaster for selected areas starting Feb. 19, 2021.
Supervisory Practices
Encouraged institutions in affected areas to meet financial needs of their communities.
In lending, modifications should be individually evaluated by institutions to determine whether they represent troubled debt restructurings (TDRS) according to U.S. GAAP.
Request to operate temporary facilities being expedited to provide services availability.
Relief from certain filing, publishing requirements for affected institutions considered.
Directed to contact primary regulator if difficulty with publishing, reporting obligations.
Penalties and supervisory actions not expected if reasonable steps taken to comply.
Relayed institutions may receive CRA consideration for community development loans, investments/services that revitalize/stabilize federal disaster areas in assessment area.
Institutions encouraged to monitor municipal securities, loans affected by the storms.
Referred institutions to interagency supervisory examiner guidance for institutions affected by majordisaster guidelines in order to obtain more supervisory information.
