OCC Encourages Financial Firms to Provide Options to Weather Impacted
Investor Update: On May 22, HousingWire published an article titled OCC: Financial Firms Should Provide Options for Tornado Victims.
OCC: Financial firms should provide options for tornado victims
The Office of the Comptroller of the Currency released a bulletin Wednesday asking national banks and federal savings associations to aid financial institutions located in areas impacted by extreme weather. The push for aid also applies to the banks' clients.
The OCC said it encourages national banks and federal savings associations to consider waiving or reducing ATM fees, along with payment fees or penalties associated with early withdrawals.
Other relief options include a reduction in the borrower’s debt obligations by either adjusting payment terms or providing extensions of up to 90 days.
The OCC says institutions can also expedite lending decisions as long as they are safe and sound.
To view the online article, please click here.
Please click here for the official OCC bulletin.
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