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OCC Encourages National Banks and Federal Savings Associations to Work With People Affected by Recent Extreme Weather

 

Nov 19 - The Office of the Comptroller of the Currency has encouraged national banks and federal savings associations to work with customers affected by the recent tornadoes in the Midwest United States.

The OCC has published guidance encouraging national banks and federal savings associations and their customers affected by natural disasters. The OCC recognizes that the effects of natural disasters on individuals and businesses are often temporary, and that prudent efforts to adjust or alter terms on existing loans in areas affected by the disasters and related problems should not be subject to bank examiner criticism.

In 2012, the OCC published guidance for national banks and federal savings associations to consider the following actions when responding to natural disasters:

The OCC notes that these measures may help borrowers recover their financial strength and improve their capability to repay their debts. These recovery efforts can contribute to the health of the local community and the long-term interests of the national bank and its customers.National banks in need of assistance in dealing with customers affected by the tornado should contact the OCC.

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