September 6, 2017 / 6:00 PM / in a year

U.S. banks may alter loans in light of Hurricane Irma -regulators

WASHINGTON, Sept 6 (Reuters) - U.S. banks may temporarily lighten loan terms to help those affected by Hurricane Irma and some regulatory paperwork can be filed late in light of the storm, regulators said on Wednesday.

Dangerous Category 5 Hurricane Irma hammered the Caribbean island of St. Martin on Wednesday and is expected to hit Florida over the weekend.

“Bankers should work constructively with borrowers in communities affected by Hurricane Irma,” the Federal Reserve wrote in a memo with other regulators.

The agency sent a similar directive ahead of Hurricane Harvey that hit Texas late last month.

“The agencies recognize that efforts to work with borrowers in communities under stress can be consistent with safe-and-sound banking practices,” reads the memo, which was also signed by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation. (Reporting by Patrick Rucker; Editing by James Dalgleish)

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