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.

Regulators CSBS; FDIC; Fed; NCUA; OCC
Entity Types Bank; Corp; CU; Depo; MG Orig; Servicer; Thrift
Reference PR, FDIC FIL-9-2021, FDIC PR-11-2021, OCC PR 2021-24, 2/22/2021
Functions Accounting; BCS; Compliance; Exams; Financial; Operations; Reporting; Risk
Countries United States of America
Products Banking; Corporate; Deposits; Fixed Income; Insurance; Loan; Mortgage; Municipal; Payments
Regions Am
Rule Type Guidance
Rule Date 2/22/2021
Effective Date 2/22/2021
Rule Id 98678
Linked to
Reg. Last Update 2/22/2021
Report Section US Banking

Last substantive update on 02/23/2021