In the midst of disastrous Hawaiian wildfires, top financial agencies have issued a critical interagency statement outlining the supervisory practices for financial institutions in the affected area. The Federal Reserve Board, the FDIC, the Hawaii Department of Commerce and Consumer Affairs’ Division of Financial Institutions, the NCUA, and the OCC joined forces on this declaration on August 17.
The communique, originally circulated by Orrick, Herrington & Sutcliffe LLP, indicates, among other things, that these regulatory bodies will expedite any requests made by the impacted institutions for temporary operating facilities. According to the authorities involved in this, in most instances, a simple “telephone notice” would be deemed sufficient.
The interplay of these leading agencies demonstrates a united front in supporting financial institutions at a time when the Hawaiian wildfires are posing significant challenges, highlighting the capacity for vital cooperation in the face of such environmental disasters. It will be critical for legal professionals to stay informed of such decisions and their ramifications on institutions and their clients alike.