Regulatory Alerts2020-03-25
Added · Updated
Supervisory Practices Regarding Banking Organizations and their Borrowers and Other Customers Affected by a Major Disaster or Emergency
The Federal Reserve issued this letter to outline supervisory flexibility and regulatory relief for banking organizations and their customers affected by major disasters or emergencies. It encourages institutions to waive certain fees, ease credit terms, and offer payment accommodations while ensuring prudent loan workout arrangements are maintained. The guidance also details specific regulatory accommodations, including appraisal waivers under DIDRA, CRA evaluation considerations, reporting extensions, and flexibility in branch operations and customer identification requirements.