Federal agencies provide guidance for financial institutions affected by Hurricane Harvey

WASHINGTON – Federal and state banking agencies released supervisory practices related to financial institutions impacted by Hurricane Harvey.

The Office of the Comptroller of the Currency, the Board of Federal Reserve System Governors, the Federal Deposit Insurance Corp. and state bank regulators released the information in the wake of the hurricane that’s reportedly devastated the Texas coast and flooded several inland areas.

“[We] recognize the serious impact of Hurricane Harvey on the customers and operations of many financial institutions and will provide regulatory assistance to affected institutions subject to their supervision,” according to the agencies.

While there are no Rhode Island-based banks or credit unions with operations in Texas, the guidance provides some insight into what federal agencies are looking for from financial institutions during natural disasters.

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The agencies provide guidance on several issues, including lending, investments and regulatory reporting.

“The agencies encourage institutions in the affected areas to meet the financial services needs of their communities,” according to the group.

The full breakdown can be found on the FDIC website.