California Department of Financial Protection and Innovation, Federal Deposit Insurance Corporation, Federal Reserve Board, National Credit Union Administration and Office of the Comptroller of the Currency offer regulatory assistance for institutions affected by California wildfires and straight-line winds

The California Department of Financial Protection and Innovation, the Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, and the Office of the Comptroller of the Currency issued joint guidance offering regulatory assistance to supervised institutions impacted by the California wildfires and straight-line winds, and encouraged continued provision of financial services in affected communities. For lending, the agencies signalled supervisory support for prudent loan term adjustments for affected borrowers, while reminding institutions to evaluate and report modifications in line with U.S. generally accepted accounting principles and call report requirements. Where operational disruptions persist, regulators will expedite requests to operate temporary facilities, with telephone notice generally sufficient to begin the approval process, and institutions are encouraged to contact their primary regulator if disaster impacts prevent compliance with publishing requirements for branch changes or with regulatory reporting deadlines. The agencies indicated they do not expect to assess penalties or take supervisory action for reporting shortfalls caused by the disaster where institutions take reasonable, prudent steps to comply, and noted that eligible disaster-related community development activity may receive Community Reinvestment Act consideration and that institutions should monitor municipal securities and loans affected by the event.