Agencies Texas Storm Recovery Relief
On Feb. 22, Fed issued statement on supervision during Texas storms.
- Fed, FDIC, OCC, NCUA issued interagency statement regarding supervisory practices.
- 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 major disaster guidelines in order to obtain more supervisory information.
||CSBS; FDIC; Fed; NCUA; OCC
||Bank; Corp; CU; Depo; MG Orig; Servicer; Thrift
||PR, FDIC FIL-9-2021, FDIC PR-11-2021, OCC PR 2021-24, 2/22/2021
||Accounting; BCS; Compliance; Exams; Financial; Operations; Reporting; Risk
||United States of America
||Banking; Corporate; Deposits; Fixed Income; Insurance; Loan; Mortgage; Municipal; Payments
|Reg. Last Update
Last substantive update on 02/23/2021