Federal regulators released a ""notice"":http://www.fdic.gov/news/news/press/2012/pr12125.html?source=govdelivery Tuesday stating their support for financial institutions operating in areas affected by Hurricane Sandy. They both encouraged affected institutions to work to meet the needs of their communities and expressed their lenience on certain reporting and publishing requirements for those institutions.
[IMAGE]Financial institutions that anticipate they will have trouble meeting their reporting deadline for the third quarter are encouraged to contact their regulators, according to the joint notice from the ""Office of the Comptroller of the Currency"":http://www.occ.treas.gov/, the Board of Governors of the [COLUMN_BREAK]
""Federal Reserve"":http://www.federalreserve.gov/, and the ""FDIC"":http://www.fdic.gov/.
""The agencies do not expect to assess penalties or take other supervisory action against institutions that take reasonable and prudent steps to comply with regulatory reporting requirements,"" the notice stated.
Additionally, the regulators are cognizant that the hurricane may impede compliance with proper publishing standards for branch closings, relocations, and temporary facilities. Financial institutions experiencing difficulties complying with these regulations are also encouraged to contact their regulators.
The agencies are prepared to accelerate processing of temporary banking facility requests so institutions may continue to operate and serve their communities.
Additionally, ""[t]he agencies encourage institutions in the affected areas to meet the financial needs of their communities,"" the agencies stated in their notice Tuesday, adding that they will ""consider the unusual circumstances"" the institutions currently face.
Financial institutions in areas directly impacted by the storm may be able to receive community development loans through the Community Reinvestment Act, according to the notice.