FDIC Encourages Banks to Help Customers Affected by Hurricane Florence

The FDIC recently issued a Financial Institution Letter encouraging depository institutions to consider all reasonable and prudent steps to help customers in communities affected by hurricane Florence meet customer’s cash and financial needs.

Depository institutions supervised by the FDIC were advised that working with borrowers in affected communities can be consistent with safe and sound banking practices and in the public interest.  Among the relief efforts that institutions are encouraged to consider are:

• Waiving fees;
• Increasing ATM cash withdrawal limits;
• Easing credit card limits;
• Allowing loan customers to defer or skip payments;
• Delaying notices to credit bureaus;
• Using non-documentary verification methods permitted by the Customer; and
• Identification Program requirements of the Bank Secrecy Act for customers who cannot provide standard identification documents.