#Regulators support financial institutions in disaster areas#

Federal and state financial regulators have issued a joint statement, stating that they will support financial institutions affected by the California wildfires and straight-line winds. The statement notes that regulators will provide appropriate regulatory assistance, encourage affected institutions to meet the financial service needs of the community, and support financial institutions in working constructively with borrowers in the affected areas. Specific measures include: * Allowing institutions to prudently adjust or modify existing loan terms in affected areas without criticism;* Taking into account the extraordinary circumstances faced by affected institutions when supervising them;* Expediting the approval process for operating temporary facilities;* Providing assistance to institutions experiencing difficulties complying with relevant laws and regulations;* Not penalizing or taking other supervisory action against institutions that are unable to fully comply with regulatory reporting requirements due to the disaster;* Encouraging institutions to provide community development loans, investments, or services to revitalize or stabilize affected areas. Regulators also remind financial institutions to monitor municipal securities and loans in affected areas and to make prudent efforts to stabilize such investments.