November 15, 2018 / 9:22 PM / a month ago

U.S. regulators ease banking rules in light of California fires

WASHINGTON, Nov 15 (Reuters) - Banks that operate in fire-blasted regions of California will not be punished if they ease loan terms or miss some federal reporting requirements, federal banking regulators said on Thursday.

“The agencies recognize that efforts to work with borrowers in communities under stress can be consistent with safe-and-sound practices as well as in the public interest,” read a joint statement from the Federal Reserve and three other banking regulators, plus the California Department of Business Oversight. (Reporting by Patrick Rucker Editing by Leslie Adler)

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