Agencies urge banks, CUs to aid displaced customers

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Office of the Comptroller of the Currency and the office of Thrift Supervision, along with the Conference of State Bank Supervisors, are asking insured depository institutions to consider all reasonable and prudent steps to meet cash and financial needs of individuals in affected regions.

According to a news release from the Federal Reserve Board, the agencies are working with state regulatory agencies, financial industry trade groups and affected financial institutions to identify customers’ needs and monitor institutions’ restoration of services.

Many financial institutions are implementing contingency plans, including procedures that allow consumers to have access to automated teller machines and use of their debit cards.

The agencies also are asking that, to the extent that steps are consistent with safe and sound banking practices, financial institutions also consider these actions:

• Waiving ATM fees for customers and noncustomers;

• Increasing daily ATM cash withdrawal limits;

• Easing restrictions on cashing out-of-state and noncustomer checks;

• Waiving overdraft fees that result from paycheck interruption;

• Waiving early withdrawal penalties on time deposits;

• Waiving availability restrictions on insurance checks;

• Allowing loan customers to defer or skip some payments;

• Waiving late fees for credit card and other loan balances due to interruption of mail and/or billing statements or the customer’s inability to access funds;

• Easing credit card limits and credit terms for new loans; and

• Delaying delinquency notices to the credit bureaus.