Agencies help Katrina-hit banks
NEW ORLEANS – The US financial regulators have released guidance for financial institutions affected by Hurricane Katrina, giving examiners enough flexibility to use their reasonable judgment in their supervisory activities.
The guidance urges examiners to expect affected institutions to have completed an initial risk assessment and have a process for refining their assessments as more complete information becomes available and recovery efforts proceed.
The examiners are to consider the reasonableness of management plans for responding to the hurricane's ramifications on its business strategy and the future operations, given the economic conditions in its business markets.
"Management should be able to explain the
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