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FOR IMMEDIATE RELEASE
October 16, 2012
Contact: William Grassano
FFIEC: Federal Financial Regulators Release Statement on the Impact of Drought Conditions on Financial Institutions
WASHINGTON — The Federal Financial Institutions Examination Council (FFIEC) today encouraged financial institutions to work constructively with borrowers that have been 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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