Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by the Hawaii Wildfires

As a result of the recent wildlife fires in Hawaii, the OCC, along with other agencies, has proposed a temporary relief program, realizing that not all individuals and/or institutions are capable of fulfilling the requirements of reporting or disclosure. The main points covered are:
– Lending
The agencies are calling for modification of loan agreements between lending banks and customers where necessary, in light of the wildlife fires so that borrowes are able to fulfill their obligations. With the current difficulties faced by individuals in Hawaii, it is crucial to address these on a case-to-case basis.
– Temporary facilities
Since many facilities are currently facing staffing, power and other difficulties, it is encouraged to move to a temporary facility to allow business as usual. The agencies are asking for the minimum effort information (a phone call) to inform about moving to a temporary facility.
– Publishing and Regulatory Reporting Requirements
Insitutions which currently are not able to comply with publishing and/or reporting requirements as an effect of the wildlife fires, are urged to contact the local authorities and explain the situation. It is not expected that these institutions will be penalized.
– Community Reinvestment Act (CRA)
Institutions might be available for the CRA Programme to rebuild communities
– Investments
The agencies urge a close and constant monitoring of the ongoing situation to keep up to date with the investments, especially in the affected areas.