Skip to main content
U.S. flag
An official website of the United States government
Dot gov
The .gov means it’s official.
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.
Https
The site is secure.
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
INACTIVE
This page is no longer active. Its content has expired or been rescinded by the FDIC.
Financial Institution Letter

Regulatory Relief Meeting the Financial Needs of Customers Affected by Hurricane Sandy and its Aftermath

November 9, 2012
Notes
 
Summary: The FDIC encourages depository institutions to consider all reasonable and prudent steps to assist customers in communities affected by recent storms. The FDIC realizes that although the effects of natural disasters on local businesses and individuals can be devastating, they often are transitory. The FDIC recognizes that efforts to work with borrowers in the affected communities can be consistent with safe-and-sound banking practices and in the public interest.

Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter applies to all FDIC-supervised institutions, including community banks.

Highlights:
  • The FDIC encourages depository institutions to consider all reasonable and prudent steps to assist customers in communities affected by recent storms.
  • When consistent with safe-and-sound banking practices, these efforts may include waiving fees, increasing ATM cash limits, easing credit card limits, allowing loan customers to defer or skip payments, and delaying the submission of delinquency notices to credit bureaus.
  • The FDIC encourages depository institutions to use non-documentary verification methods permitted by the Customer Identification Program requirement of the Bank Secrecy Act for affected customers who cannot provide standard identification documents.
  • Prudent efforts by depository institutions to meet customers' cash and financial needs generally will not be subject to examiner criticism.
  • Refer to the attached Frequently Asked Questions for Bank Customers in Areas Affected by Hurricane Sandy for more information at: http://www.fdic.gov/news/disaster/sandy/sandyfaq.pdf
  • Depository institutions can advise customers to contact the FDIC toll free at 1-800-ASK-FDIC or 1-877-275-3342 with questions about deposit insurance or accessing bank accounts.

Distribution:
FDIC-Supervised Banks (Commercial and Savings) in Connecticut, Delaware, District of Columbia, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Virginia, and West Virginia

Suggested Routing:
Chief Executive Officer
Chief Loan Officer
Compliance Officer

Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/2012/index.html .

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html .

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).

FIL-47-2012
Attachments
LESSONS LEARNED FROM HURRICANE KATRINA: Preparing Your Institution for a Catastrophic Event at http://www.fdic.gov/regulations/resources/lessons/index.html
Meeting the Financial Needs of Customers Affected by Hurricane Sandy and Frequently Asked Questions for Bank Customers in Areas Affected by Hurricane Sandy
Last Updated: November 9, 2012