Agricultural News
FCA Encourages Farm Credit System Institutions to Work With Borrowers Affected by Hurricane Irma
Fri, 08 Sep 2017 11:45:57 CDT
As Hurricane Irma slowly exits the Caribbean on its path toward Florida, the Farm Credit Administration is encouraging Farm Credit System (FCS or System) institutions to work with System borrowers who have been, and later may be, affected by the storm.
"System institutions have considerable flexibility under existing FCA regulations to provide disaster relief," says Dallas P. Tonsager, FCA board chairman and CEO. As stated in FCA Board Policy Statement 71, System institutions can take several measures to alleviate the stress of borrowers affected by natural disasters. For example, they can:
· extend the terms of loan repayments,
· restructure borrowers' debt obligations, and
· ease some loan documentation or credit-extension terms for new loans to certain borrowers.
The agency recognizes that disasters may also impair the ability of institutions to comply in a timely way with regulatory reporting and publishing requirements. Institutions should contact the director of FCA's Office of Examination if they need relief from specific regulatory or reporting requirements.
"Our thoughts are with everyone in the path of this historic storm," says Chairman Tonsager.
Source - Farm Credit Administration
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