The Federal Reserve, the other federal financial institutions regulatory agencies, and the state supervisory authorities in Alabama, Louisiana, and Mississippi jointly issued the attached statement to remind their regulated institutions that the interagency Hurricane Katrina guidance remains in effect.1 In issuing this statement, the agencies are reminding institutions that they retain the flexibility to work with their borrowers who may need additional time to resolve financial uncertainties related to the effects of the hurricane.
Reserve Banks are asked to provide copies of this statement to state member banks and bank holding companies in their districts and to appropriate supervision staff. Questions should be directed to Molly Wassom, Associate Director, at (202) 452-2305 or Virginia Gibbs, Senior Supervisory Financial Analyst, at (202) 452-2521.