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FFIEC Statement on the Impact of Drought Conditions on Financial Institutions


3501 Fairfax Drive, Room B7081a, Arlington, VA 22226-3550 – (703) 516-5588 – FAX (703) 562-6446 – http://www.ffiec.gov
Press Release October 16, 2012
For Immediate Release

​The Federal Financial Institutions Examination Council today encouraged financial institutions to work constructively with borrowers affected by drought conditions and consider alternatives for prudently restructuring credit facilities as appropriate.  The Council recognizes that the effects of natural disasters on the agricultural industry often are transitory, and prudent loan modification efforts can help stabilize borrowers, benefit the long-term interests of financial institutions and their stakeholders, and contribute to the health of local economies.

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The FFIEC was established in March 1979 to prescribe uniform principles, standards, and report forms and to promote uniformity in the supervision of financial institutions. The Council has six voting members: a Governor of the Board of Governors of the Federal Reserve System designated by the Chairman of the Board, the Chairman of the Federal Deposit Insurance Corporation, the Chairman of the Board of the National Credit Union Administration, the Comptroller of the Currency, the Director of the Consumer Financial Protection Bureau, and the Chairman of the State Liaison Committee. The Council's activities are supported by interagency task forces and by an advisory State Liaison Committee, comprised of five representatives of state agencies that supervise financial institutions.

Media Contacts
CFPB Sam Gilford (202) 435-7673
FDIC Greg Hernandez (202) 898-6984
Federal Reserve Barbara Hagenbaugh (202) 452-2955
NCUA John Fairbanks (703) 518-6336
OCC Stephanie Collins (202) 649-6870
SLC Catherine Woody (202) 728-5733

National Credit Union Administration

National Credit Union Administration

1775 Duke Street
Alexandria, VA - 22314
www.ncua.gov


Office of Public & Congressional Affairs

(703) 518-6330
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"Protecting credit unions and the consumers who own them through effective regulation"