OCC Encourages Institutions to Help Consumer Affected by Hurricane Harvey

August 29, 2017

On Tuesday, August 29, 2017, the OCC published a news release encouraging national banks and federal savings associations to work with customers affected by Hurricane Harvey. OCC Bulletin 2012-28 provides examples of steps national banks and federal savings associations may take to support customers affected by natural disasters. 

 

The OCC encourages national banks and federal savings associations to consider waiving or reducing ATM fees, temporarily waiving late payment fees or penalties for early withdrawal of savings for affected customers.  They also encouraged working with impacted borrowers by:

  • Restructuring debt obligations, when appropriate, by altering or adjusting payment terms.  Payment extensions should reflect individual borrower situations and generally should not exceed 90 days; and
  • Expediting lending decisions when possible, consistent with safety and soundness principles.

 

Institutions should also consider reassessing the current credit needs of the community and helping meet those needs by originating or participating in sound loans to rebuild damaged property and/or contacting state and federal agencies, as well as other financial institutions, to help mitigate the effects of the event.