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News Now

Washington
More guidance for FIs to help Sandy-stricken borrowers
WASHINGTON (11/15/12)--The National Credit Union Administration (NCUA) and other federal financial regulators have urged financial institutions to "consider all reasonable and prudent steps" to help members and customers impacted by Hurricane Sandy.

The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency joined the NCUA in releasing supplemental guidance to their Oct. 30 statements about financial institutions and borrowers affected by the storm.

In a release on the guidance, the agencies said prudent efforts by institutions to meet members' or customers' cash and financial needs generally will not be subject to examiner criticism.

The efforts may include:

  • Waiving ATM fees for customers and non-customers
  • Increasing ATM daily cash withdrawal limits
  • Waiving overdraft fees
  • Waiving early withdrawal penalties on time deposits
  • Waiving availability restrictions on insurance checks
  • Easing restrictions on cashing out-of-state and non-customer checks
  • Easing credit card limits and credit terms for new loans; and
  • Waiving late fees for credit card and other loan balances.
Financial institutions may also offer payment accommodations, such as allowing loan customers to defer or skip some payments or extending the payment due dates. These steps would avoid delinquencies and negative credit bureau reporting caused by storm-related disruptions, the release said.

The release also addresses loan modifications and customer/member identification requirements.

For the full release, use the resource link.

For more coverage of credit union work post-Sandy, see these related stories: CUANY, NCUA reps meet on post-Sandy strategies; and N.J. CUs continue struggles from Sandy's aftermath.
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