Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Tornadoes — 2021-12-15

The Office of the Comptroller of the Currency, Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators, collectively the agencies, recognize the serious impact of tornadoes on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities. A complete list of the affected disaster areas can be found at https://www.fema.gov/disasters. Lending: The agencies encourage financial institutions to work constructively with borrowers in communities affected by tornado damage. Prudent efforts to adjust or alter terms on existing loans in affected areas should not be subject to examiner criticism. Institutions should individually evaluate modifications of existing loans to determine whether they represent troubled debt restructurings according to U.S. generally accepted accounting principles.