Federal Financial Regulators Announce Public Service Campaign to Help Hurricane Victims

GuidanceFederal Deposit Insurance Corporation (FDIC)
Federal Reserve Board (FRB)
Financial Crimes Enforcement Network (FINCEN)
Office of the Comptroller of the Currency (OCC)
Office of Thrift Supervision (OTS)Risk Management

WASHINGTON, D.C. (January 13, 2006) – The federal financial regulatory agencies today announced a public service campaign to aid in the financial recovery of victims of last year's hurricanes.

Although four months have passed since Hurricanes Katrina and Rita made landfall, some bank customers have not yet been in contact with their lenders. Communication is an essential step in the road to financial recovery.

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the National Credit Union Administration and state financial regulators are encouraging banks, thrifts, and credit unions to continue to work with borrowers affected by the hurricanes. Assistance may include waiving fees, lowering interest rates, extending repayment schedules, or deferring principal or interest for an additional period, where appropriate. For these options to be considered, however, it is essential that the borrower contact his or her lender.

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