Home / News / Government / OCC Encourages Banks to Assist Customers Impacted by Tornadoes
Print This Post Print This Post

OCC Encourages Banks to Assist Customers Impacted by Tornadoes

The ""Office of the Comptroller of the Currency"":http://www.occ.gov/ (OCC) issued a statement Wednesday to encourage banks and federal savings associations to work with customers affected by the destructive tornadoes that tore through Oklahoma.

The regulator provided a link to a ""bulletin"":http://www.occ.gov/news-issuances/bulletins/2012/bulletin-2012-28.html that includes supervisory guidance for financial institutions responding to disasters around their locations.

Banks and federal savings associations were encouraged to consider alternatives to assist impacted customers, such as by waiving or reducing ATM fees; temporarily waiving late payment fees or penalties for early withdrawal of savings; restructuring borrowers' debt obligations; and expediting lending decisions, among other forms of assistance.

About Author: Esther Cho

x

Check Also

DS5: How Freddie Mac Is Aiding Servicer Efficiency With PAID

Dave Lucchino, SVP, Single-Family Operations at Freddie Mac, discusses the PAID tool and how it can improve servicer efficiency for expense reimbursements, as well as other client-centric solutions the GSE is working on.

Your Daily Dose of DS News

Get the news you need, when you need it. Subscribe to the Daily Dose of DS News to receive each day’s most important default servicing news and market information, absolutely free of charge.