Agencies Issue Supplemental Statement on Supervisory Practices Regarding Financial Institutions and Borrowers Affected by Hurricane Sandy

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the Comptroller of the Currency (collectively, the "agencies") issued a supplemental statement on banking practices in the wake of Hurricane Sandy. In the statement, the agencies recognize the continuing impact of Hurricane Sandy on the customers and operations of many financial institutions, and encourage institutions to consider all reasonable and prudent steps to assist customers in communities affected by recent storms. Among the issues covered are prudent relief efforts, loan modifications and monitoring.

View press release in full here (links externally to Federal Reserve website).