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Board of Governors of the Federal Reserve System

Supervision and Regulation Letters

SR 10-13 / CA 10-8

Interagency Supervisory Guidance for Institutions Affected by the Deepwater Horizon Oil Spill

July 14, 2010

Seal of the Board of Governors of the Federal Reserve System
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C.  20551
DIVISION OF BANKING
SUPERVISION AND REGULATION
SR 10-13 / CA 10-8
July 14, 2010
TO THE OFFICER IN CHARGE OF SUPERVISION AND APPROPRIATE SUPERVISORY AND EXAMINATION STAFF AT EACH FEDERAL RESERVE BANK
SUBJECT:   Interagency Supervisory Guidance for Institutions Affected by the Deepwater Horizon Oil Spill

The federal financial institution regulatory agencies1 and the state supervisors2 (collectively, the agencies) are issuing the attached statement to assist financial institutions and their customers being affected by the explosion and oil spill related to the Deepwater Horizon Mobile Offshore Drilling Unit in the Gulf of Mexico (Gulf oil spill). 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 spill.

Federal Reserve Banks are asked to distribute this letter to financial institutions supervised by the Federal Reserve in their districts that may be affected by the Gulf oil spill, as well as to their own supervisory and examination staff as appropriate. Questions about this letter concerning safety-and-soundness issues may be directed to Kevin Bertsch, Deputy Associate Director, at (202) 452-5265, or Bill Tiernay, Senior Supervisory Financial Analyst, Community Banking Organizations, at (202) 872-7579, in the Division of Banking Supervision and Regulation. Questions about this letter concerning consumer compliance issues may be directed to Tim Robertson, Senior Supervisory Consumer Financial Services Analyst, at (202) 452-2565, in the Division of Consumer and Community Affairs. In addition, questions may be sent via the Board’s public website.3

signed by
Norah M. Barger
Deputy Director
Division of Banking
Supervision and Regulation
signed by
Maryann F. Hunter
Deputy Director
Division of Consumer
and Community Affairs

 
Notes:
  1. The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration.  Return to text
  2. The state supervisors are represented through the Conference of State Bank Supervisors.  Return to text
  3. See http://www.federalreserve.gov/feedback.cfm.  Return to text
Last update:  February 1, 2011