Storm assistance guidance

The OCC has issued a reminder to national banks and federal savings association of the following actions they can take to assist victims of extreme weather:

• waiving or reducing ATM fees
• temporarily waiving late payment fees or penalties for early withdrawal of savings for affected customers
• restructuring borrowers' debt obligations, when appropriate, by altering or adjusting payment terms and providing payment extensions that reflect individual borrower situations and generally not exceeding 90 days
• expediting lending decisions, consistent with safety and soundness principles
• reassessing the current credit needs of the community and helping meet those needs by originating or participating in sound loans to rebuild damaged property
• contacting state and federal agencies, as well as other financial institutions, to help mitigate the effects of the event

In addition, HUD has announced it will speed federal disaster assistance to the State of Arkansas and provide support to homeowners and low-income renters forced from their homes due to severe storms, tornadoes and flooding.