Interagency Statement on Midwest Flooding Released
On March 25, 2019, federal and state financial regulatory agencies issued a press release and statement on the flooding occurring in the Midwest. The agencies indicated that examiners would not criticize prudent efforts by financial institutions for adjusting terms on existing loans in affected flood areas. The agencies understand that financial institutions in flood impacted areas could have trouble complying with the agencies’ reporting requirements. The agencies also understand the difficulty flood affected financial institutions may have in meeting publishing and other requirements for branch closures.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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