#California wildfire regulators step in#
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Analysis
California wildfires and straight-line winds have had a significant impact on the customers and operations of financial institutions. To assist the affected areas, federal and state financial regulators issued an interagency statement saying they will provide appropriate regulatory assistance to affected institutions. The statement encourages financial institutions to meet the financial service needs of affected communities and to work constructively with borrowers to adjust or modify loan terms, which should not be subject to examiner criticism. Regulators also said they will expedite the approval process for the establishment of temporary facilities by financial institutions in affected areas, as appropriate, and will be lenient with institutions that are unable to fully meet regulatory reporting requirements due to the disaster. In addition, regulators are encouraging financial institutions to monitor municipal securities and loans in the affected areas and to exercise prudence in efforts to stabilize such investments.
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Public Sentiment
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Classic Views
Financial regulators will provide appropriate regulatory relief to financial institutions impacted by the California wildfires and straight-line winds to help them meet the financial service needs of affected communities.
Financial institutions are encouraged to work constructively with borrowers in impacted areas and to prudently adjust or modify existing loan terms to help borrowers through this difficult time.
Financial regulators will take into account the extraordinary circumstances faced by impacted institutions and, where appropriate, expedite any requests for temporary operational facilities to facilitate service to affected communities.
Financial regulators will be understanding and supportive of impacted institutions facing difficulties in meeting regulatory reporting requirements and will not penalize institutions taking reasonable steps.