The United States Announces $15 Million to Support Food Systems in Africa

Source: USAID

Today, at the Africa Food Systems Forum in Dar es Salaam, Tanzania, USAID Deputy Administrator Isobel Coleman and Assistant to the Administrator for the Bureau for Resilience and Food Security Dina Esposito announced new investments to support inclusive and resilient food systems in Africa, including $15 million to provide targeted support to women, smallholder farmers, and small- and medium-sized businesses in food systems across the continent. These investments are part of the supplemental funds deployed by the U.S. government through Feed the Future, a whole-of-government initiative to address food insecurity and fertilizer price spikes in Africa. 

Supporting women in agribusiness

During the opening session of the Forum’s Deal Room – a match-making venue to drive new agribusiness deals and commitments – Deputy Administrator Coleman announced a $4 million investment in VALUE4HER, Africa’s first agribusiness digital marketplace specifically for women. Seventy percent of women-owned small- and medium-sized businesses in developing countries cannot access financial services that meet their needs – a finance gap that drives gender inequality. VALUE4HER, implemented by AGRA, will help women-led agribusiness overcome these barriers by enabling them to build business networks, raise capital, and connect with buyers, financiers, and other service providers. 

Strengthening resilience to shocks

During a Forum roundtable on the vision for Africa’s fertilizer and soil health, Assistant to the Administrator for Resilience and Food Security Esposito announced a $5 million investment in Sustain Africa, an initiative that coordinates public and private sector partners to help smallholder farmers access affordable fertilizer, strengthen resilience to future fertilizer shocks, and ensure a stable and nutritious food supply. With USAID’s support, the program will expand and improve its ability to track fertilizer price trends and signal when help is needed. This investment enables USAID and its private sector partners to help six million farmers in sub-Saharan Africa successfully grow crops, even in the face of shocks.

Investing in nutrition

During an event at the close of the Forum’s first day, Deputy Administrator Coleman announced a $6 million investment, in partnership with the Global Alliance for Improved Nutrition (GAIN) and Incofin Investment Management, in the Nutritious Foods Financing Facility (N3F). The first of its kind, N3F is an investment fund focused explicitly on improving diet quality and nutrition in sub-Saharan Africa through financing to small- and medium-enterprises involved in the provision of affordable, safe, and nutritious local food. The fund also prioritizes investments that advance gender equality and provide at least 30 percent of all loans to woman-owned or led small- and medium-sized businesses.

Press Release: FDIC Announces Start of Marketing Process for $33 billion Commercial Real Estate Loan Portfolio of former Signature Bank, New York

Source: US Federal Deposit Insurance Corporation FDIC

WASHINGTON – Today, the Federal Deposit Insurance Corporation (FDIC) announced the start of a marketing process for the approximately $33 billion Commercial Real Estate (CRE) loan portfolio retained in receivership following the failure of Signature Bank, New York, New York.

The majority of the CRE loan portfolio being marketed is comprised of multifamily properties, primarily located in New York City. A large portion (approximately $15 billion) of the CRE loans secured by multifamily residences are rent stabilized or rent controlled. The FDIC has a statutory obligation, among other factors, to maximize the preservation of the availability and affordability of residential real property for low- and moderate-income individuals. To support this obligation, the FDIC will place the rent stabilized or rent controlled loans in one or more joint ventures (JV) with the FDIC retaining a majority equity interest in the JV. In addition, the JV operating agreement will provide certain requirements that facilitate the financial and physical preservation of these loans and underlying collateral.

While the FDIC will retain a majority equity interest in the JVs, the winning bidders, or partners, will act as the managing member of the joint venture and will be responsible for the management, servicing and ultimate disposition of the loans. The JV partner will be required to manage the portfolio in accordance with the JV operating agreement and be subject to stringent monitoring.

For this subset of the portfolio, the FDIC engaged with New York City and New York State housing authorities and government agencies, as well as community-based organizations, to obtain their input and provide information on the FDIC’s efforts as the FDIC developed its marketing and disposition strategy.

Marketing of the former Signature Bank’s CRE portfolio will take place over the next three months and the transactions are expected to be completed by year-end 2023. The FDIC has retained Newmark & Company Real Estate, Inc. (Newmark) as an advisor on this sale. Interested parties should contact NewmarkSBBPortfolio@nmrk.com to obtain further information about the sale and the qualifications to participate. During the marketing process, the FDIC and Newmark will conduct outreach to potential bidders on the qualification process. For general information about the FDIC’s asset sales program, visit the FDIC’s website.  

This announcement is for information purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any loans or securities or any interest therein.

# # #

MEDIA CONTACT: 
Brian Sullivan
202-412-1436
brsullivan@fdic.gov

FDIC: PR-71-2023

U.S. Launches Php283-Million Project to Support DepEd in Addressing Education Challenges

Source: USAID

On August 24, the United States government, through the U.S. Agency for International Development (USAID), announced a Php283-million ($5 million) project to help the Philippine Department of Education (DepEd) address education challenges, including boosting its capacity to assess the quality of education among Filipino learners.    

With the support of various implementing partners, USAID’s five-year project “Improving Learning Outcomes for the Philippines” or ILO-Ph will aid DepEd in designing, implementing, and evaluating its full range of education programs, from early childhood education to workforce development.   

Through ILO-Ph, USAID will provide DepEd with on-demand technical assistance, regular consultations, and trainings to improve its strategic communications and data analysis systems.  This will enable DepEd to better track the progress of Filipino learners in standardized examinations and measure learning recovery from the COVID-19 pandemic.  ILO-Ph will also support DepEd in conducting policy-relevant research to help Filipino educators enhance their teaching methods and positively impact learning outcomes. 

“As an enduring friend, partner, and ally, the U.S. government, through USAID, will continue to work with local partners to make quality education accessible to all educators and learners wherever they are in the Philippines so we can build stronger and more prosperous communities,” USAID Philippines Deputy Education Director Yvette Malcioln said. 

Vice President and DepEd Secretary Sara Duterte called the new partnership a “significant milestone” that would strengthen DepEd’s goal of addressing basic education challenges under its new “MATATAG: Bansang Makabata, Batang Makabansa” agenda. 

“The impact of policy-relevant research and technical assistance on educators and young learners can be profound.  These can alter the fate of their future and consequently, the course of our nation,” Vice President Duterte said, in remarks delivered by DepEd Assistant Secretary G.H. Ambat during the launch.  “In the face of challenges and changes, initiatives like ILO-Ph offers hope and inspiration. I wholeheartedly support this noble project and encourage all stakeholders to tap into its transformative potential.”

Clean Cities, Blue Ocean

Source: USAID

Overview

Reducing plastic waste is a global issue. Clean Cities, Blue Ocean (CCBO) is USAID’s five-year, flagship global initiative to target ocean plastics at their source in cities and towns. Managed and funded through USAID headquarters in Washington, D.C. and implemented through a consortium of partners, CCBO is piloting solutions in Sri Lanka to stop the flow of plastic pollution to the waters within and surrounding the country through work in Colombo, the southern coastal city of Galle, and the northern coastal city of Jaffna. CCBO is supporting holistic strategies that address each step in the waste value chain – from production to end use – through critical site-level research, grants to local organizations, and additional technical assistance and capacity building support. 

Implementing Partner: Tetra Tech; Total Estimated Global Cost: $48 million (part of which is allocated to Sri Lanka); Period of Performance: October 2019 – September 2024

Objectives

To keep plastic and other waste out of Sri Lanka’s marine environments and maintain healthy and clean cities throughout the island, CCBO seeks to:

  • Develop, test, and implement new models that promote reducing, reusing, and recycling (3R) practices and enhance solid waste management.
  • Facilitate partnerships and investment around key needs, such as infrastructure. 
  • Strengthen local systems to build Sri Lanka’s resiliency and self-reliance.

Areas of Focus

  • RESEARCH: CCBO conducts critical site-level research to understand engagement sites’ specific challenges in solid waste management and enforcement, behavior change, and barriers to private  sector investment.
  • GRANTS: The project awards grants to local partners to pilot solutions to stop the flow of plastic pollution into the waters within and surrounding the country.
  • CAPACITY BUILDING: CCBO provides technical assistance and capacity building support for local partners by offering state-of-the-art international and local technical expertise.
  • WOMEN’S ECONOMIC EMPOWERMENT: Across its approach and activities, CCBO works to support and enhance the livelihoods of informal waste collectors, of which a large portion are women, and advance women’s economic empowerment by improving social and economic conditions that impede women’s ability to work successfully in solid waste management and recycling jobs.  

Results

  • Awarded a grant to the Ceylon Chamber of Commerce to enhance the enabling environment to promote the Extended Producer Responsibility policy approach in partnership with the government.
  • Awarded a grant to the Public Interest Law Foundation to help to create guidelines for the disposal of non-hazardous plastic waste, strengthen local solid waste management, and support recycling and disposal of plastic waste.  

 

Fact Sheet: Preventing Sexual Exploitation and Abuse

Source: USAID

USAID has zero tolerance for sexual misconduct, including harassment, exploitation or abuse of any kind among staff or implementing partners.

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Sexual exploitation and abuse (SEA) occurs when people in power exploit or abuse vulnerable populations for sexual purposes. According to the U.N. Secretary-General’s Bulletin on Protection from Sexual Exploitation and Abuse, sexual exploitation refers to “any actual or attempted abuse of a position of vulnerability, differential power, or trust, for sexual purposes, including, but not limited to, profiting monetarily, socially or politically from the sexual exploitation of another.” Sexual abuse refers to “actual or threatened physical intrusion of a sexual nature, whether by force or under unequal or coercive conditions.” All USAID awards (e.g., contracts, cooperative agreements, grants, etc.), regardless of financial account, include the following three provisions that address SEA:

  • Employee Misconduct : USAID implementing partners must ensure their employees conduct themselves in a professional manner when carrying out awards, consistent with the standards for United Nations (U.N.) employees in Section 3 of the U.N. Secretary General’s Bulletin – Special Measures for Protection from Sexual Exploitation and Sexual Abuse . In the event that an employee’s conduct is not consistent with these standards, our partners must consult with the cognizant Agreement Officer/Contracting Officer (AO/CO) and Mission Director. The U.S. Ambassador may direct the removal of any U.S. citizen from the country and require termination of any employee from an award.
  • Counter-Trafficking In Persons (C-TIP) : USAID prohibits trafficking in persons, the procurement of commercial sex acts, or the use of forced labor, consistent with Trafficking Victims Protection Act (TVPA) requirements. The Federal Acquisition Regulation (FAR) provides the policy and clause for all federal acquisition awards, and USAID’s Automated Directives System (ADS), specifically sections 303maa and 303mab, contains clauses for assistance awards. USAID incorporated U.S. Government regulations, TVPA requirements and the Palermo Protocol to create its C-TIP Policy. Violations of USAID’s C-TIP Policy must be addressed by implementing partners and USAID staff, and credible allegations of C-TIP violations must be immediately reported to the cognizant AO/CO and USAID’s Office of Inspector General. For awards above $500,000, partners must certify that they have compliance plans in place.
  • Child Abuse, Exploitation Or Neglect : As a condition of receiving funding, Child Safeguarding Standards , included in all USAID awards other than contracts for commercial items, require recipients to abide by core principles that prohibit personnel from engaging in child abuse, exploitation or neglect; incorporate child safeguarding in project planning and implementation; and institute procedures to prevent and address violations. These protections stem from the U.S. Government Action Plan on Children in Adversity and the Assistance for Orphans and Other Vulnerable Children Act of 2005 .

In addition, awards that involve International Disaster Assistance (IDA), Transition Initiative (TI), and Food for Peace Title II (Title II) funds must also adopt the following:

  • Code of Conduct in Humanitarian Relief Operations : In advance of receiving funding, partners with awards involving the above-mentioned accounts must adopt a code of conduct to protect beneficiaries from sexual exploitation and abuse in humanitarian relief operations consistent with the six core principles adopted by the U.N. Inter-Agency Standing Committee on Protection from Sexual Exploitation and Abuse in Humanitarian Crises . Partners who receive IDA funds from USAID’s Office of U.S. Foreign Disaster Assistance are also required to provide details on how the code of conduct will be implemented within a specific field project.

USAID is exploring the possibility of revising its future award requirements related to acquisition and assistance awards, consistent with applicable U.S. law and regulations, to provide additional protections against SEA, including by strengthening reporting requirements, addressing the needs of survivors, and requiring appropriate accountability for perpetrators in accordance with due process. USAID is also working with other donors and public international organizations to encourage multilateral organizations and their implementers to take appropriate steps to prevent and address incidents of SEA under donor-supported activities. USAID anticipates engaging with the implementing partner community on any proposed changes to award requirements.

How Do I Report SEA?

Implementing partners should consult their award requirements (and the list above) to determine how best to report SEA allegations. USAID encourages implementing partners to report credible allegations of sexual exploitation and abuse to the USAID Office of Inspector General (OIG), as well as to closely consult with the cognizant AO/CO and Mission Director. Complaints can be submitted anonymously to the OIG with an online form through the OIG General Hotline website ( https://oig.usaid.gov ), by telephone at 1-800-230-6539 or +1 202-712-1023, by email at ig.hotline@usaid.gov , by fax at +1 216-3801, or by mail to the following address: U.S. Agency for International Development, Office of Inspector General, P.O. Box 657, Washington, DC 20044-0657. Once USAID receives a report, it may direct partners to take specific steps to address an actual or alleged violation and to ensure that survivors are protected, and may impose special conditions as part of its awards or take other remedial actions. The USAID OIG may also investigate and take action. The OIGl may also investigate and refer an investigation for consideration of criminal, civil, and/or administrative remedies.

USAID Launches Project to Improve Private Sector Competitiveness in Vietnam

Source: USAID

Hanoi, January 18, 2022 – Today, the U.S. Agency for International Development (USAID) and Vietnam’s Ministry of Planning and Investment (MPI) launched a new project focused on building the competitiveness of Vietnam’s small and growing businesses. The five-year, up to $36 million project was first announced during U.S. Vice President Kamala Harris’ visit to Vietnam in August 2021. The project will be implemented in cooperation with MPI’s Agency for Enterprise Development.

Small and growing businesses are key contributors to Vietnam’s economic growth, accounting for 40% of GDP and 60% of total employment in 2018. However, these businesses face barriers and constraints impeding their continued and sustained growth, including new technologies, networking, market linkages, and lack of access to management training and skills building opportunities.

USAID’s new Improving Private Sector Competitiveness project will encourage broad-based, inclusive economic growth through improved business practices, innovation and technology adoption, policy reform, and increased market access. This project will foster locally-led, locally-owned solutions that leverage the strength of the Vietnamese talent pool, including the promotion of “Made by Vietnam” products, services, and technologies, as well as solutions that contribute to improving the business enabling environment.

“This new project is USAID’s flagship effort to help Vietnam harness its entrepreneurial spirit in facilitating a dynamic, Vietnam-led transformation of the private sector into one that can compete globally, and provide more equal opportunity for all,” said USAID Mission Director Ann Marie Yastishock at the launch event. Mission Director Yastishock lauded MPI for its long-running partnership with USAID. She called on key stakeholders, from policymakers to the private sector, to “work hand-in-hand” with USAID and MPI to achieve the project’s ambitious targets.

Over the life of the project, the Improving Private Sector Competitiveness project aims to support 5,000 small and growing businesses, with 240 businesses successfully participating in domestic, regional and international markets, and 60 pioneering these businesses successfully creating value-added products and positioning their “Made by Vietnam” brands in regional and global markets.

For more information on this project and USAID’s economic development activities in Vietnam, please visit https://www.usaid.gov/vietnam/improving-governance-for-economic-growth.

For event photos, visit: https://flic.kr/s/aHBqjzz1BA

USAID Deputy Administrator Isobel Coleman Travels to Tanzania and Malawi

Source: USAID

From September 4 through 8, USAID Deputy Administrator Isobel Coleman will travel to Tanzania and Malawi to emphasize and advance the U.S. government’s work to support inclusive, climate-smart, market-driven economic growth in Africa, and strong democratic governance that advances civil liberties and protects universal human rights. 

In Tanzania, Deputy Administrator Coleman, together with the U.S. Department of Agriculture, will lead the U.S. government delegation to the Africa Food Systems Forum 2023 Summit, the world’s largest meeting of major stakeholders in Africa’s food systems. The Deputy Administrator will meet with Forum attendees to discuss the impact of the global food security crisis in Africa. Deputy Administrator Coleman will also meet with senior Tanzanian government officials to build upon the United States’ growing partnership with Tanzania, a Feed the Future target country, to help break the cycle of hunger and poverty through producing more food, improving nutrition, and attracting private sector investments.

Deputy Administrator Coleman will also travel to Lilongwe, Malawi where she will meet with a range of partners and stakeholders to gain a deeper understanding of the macroeconomic challenges and economic policies affecting Malawians. While in Malawi, the Deputy Administrator will engage with key members of the Malawian government to reinforce the U.S. government’s commitment to advancing private sector-led inclusive economic growth in the country.

Celebrating Workers Everywhere This Labor Day

Source: USAID

In his State of the Union address this year, President Biden described workers as the backbone of our country. At USAID, we know this to be true, not just in the U.S., but for all nations around the world. Workers are the foundation of strong societies—boosting prosperity, driving innovation, and creating opportunity that benefits everyone. 

On Labor Day, we honor these contributions—and the courageous workers who have advocated for centuries for fair wages, just treatment, and a voice for all in how they are treated. Throughout history, workers have successfully organized to secure rights such as retirement benefits and insurance; overtime pay and health and safety standards in the workplace; and paid holidays, including this one.

But the fight for workers’ rights is far from over. Here at home, we still have significant progress to make in securing more good paying jobs; eliminating labor rights abuses, including wage theft, forced labor, and child labor; and establishing safe and healthy working conditions, including for people working outdoors who are enduring record temperatures resulting from climate change.

Around the world, millions of workers face deplorable conditions and live in fear of retaliation if they attempt to organize into unions or speak out in defense of their rights. In May, Cambodian labor leader Chhim Sithar, recipient of the U.S. Department of State’s 2022 Global Human Rights Defender Award, was detained and sentenced to two years in prison for exercising basic rights to freedom of expression, association, and peaceful assembly, along with eight other union workers arrested and jailed alongside her. In June, Bangladeshi labor organizer Shahidul Islam was brutally murdered in the garment industry hub of Gazipur, after advocating on behalf of workers who had gathered to demand outstanding wages. And in the People’s Republic of China, the government continues to brutally subject people to forced labor based on their ethnicity, religion, or political views. 

USAID supports local labor and civil-society partners working to improve respect for workers, fair wages, and decent work in 28 countries around the world. In collaboration with our partners, we train workers on the organizing, advocacy, and collective bargaining skills that help them stand up for their rights effectively. We provide legal aid to protect advocates and organizers who are wrongfully detained for exercising their rights to freedom of association and collective bargaining. We connect workers with one another to share knowledge, build solidarity, and test strategies for organizing in various sectors. And for those workers who seek decent work outside their home countries, we partner with national ministries to ensure that they are recruited in a manner that protects their rights. We also partner with private companies, promoting the inclusion of workers with disabilities and fighting discrimination in the workplace. 

The Biden administration is calling on the U.S. government to advance workers’ rights globally through our diplomatic and programming efforts. Even if you are not working on these specific efforts, as USAID staff you can help promote, protect, and advance workers’ rights. You can stress the importance of labor rights in your exchanges with government partners, private-sector leaders, and local organizations; invite worker representatives to the table during in-country discussions; issue Mission statements in response to threats against labor leaders or violence against workers; and conduct due diligence to avoid supporting forced labor in USAID awards or procurement. And with respect to our own workforce, USAID is working to improve conditions across all staffing mechanisms, while striving to build and nurture a diverse workforce that looks like America. I urge you to continue identifying ways we can strengthen equity and inclusion, uphold rights, and respect dignity for everyone in the global USAID workforce.

Workers’ rights are the foundation of healthy, democratic societies, and supporting the world’s workers helps to advance so many of our key priorities at USAID. When we empower workers—the backbone of strong societies everywhere—they in turn help to unlock economic growth, promote fair competition, and advance basic human rights and dignity for all people. 

U.S. Marines One Ounce Silver Medal Becomes Semper Fidelis on September 11

Source: United States Mint

The United States Mint (Mint) will open sales for the U.S. Marines One Ounce Silver Medal on September 11 at noon EDT. The medal is part of the United States Armed Forces Silver Medal Program, which honors the proud history and unique traditions of each branch of the Armed Forces.

Designs featured on this medal are emblematic of the history and mission of the U.S. Marines. The obverse (heads) depicts the three Marines with M4 rifles moving ashore just after an amphibious landing. In the foreground, one of the Marines lies hidden in the grass, providing cover for the other two about to crest the hill, while a U.S. warship is seen in the distance. Inscriptions are “U.S. MARINE CORPS” and “EVERY MARINE A RIFLEMAN.” United States Mint Artistic Infusion Program (AIP) Designer Emily Damstra created the design, which was sculpted by United States Mint Medallic Artist Phebe Hemphill.

The reverse (tails) features depicts the familiar Marine Corps Eagle, Globe, and Anchor emblem encircled by a rope border. Its core values, “HONOR,” “COURAGE,” and “COMMITMENT,” and the Marine Corps motto “SEMPER FIDELIS” (“Always Faithful”) are inscribed around the outer border. AIP Designer Laurie J. Musser created the design, which was sculpted by United States Mint Chief Engraver Joseph Menna.

One ounce medals in the Armed Forces Silver Medal Program are 1.598 inches in diameter and are struck in 99.9 percent fine silver. Each medal is encapsulated and packaged in a single presentation case. The Mint’s certificate of authenticity is included.

The U.S. Marines Ounce Silver Medal is priced at $75. To set up a “Remind Me” alert for this product, visit https://catalog.usmint.gov/us-marine-corps-one-ounce-silver-medal-SMC1.html?cgid=2023-product-schedule (product code SMC1). To view the Mint’s complete portfolio of medals, please visit https://catalog.usmint.gov/shop/medals/.

The Armed Forces Medals are also available for purchase through the Mint’s Product Subscription Program. Structured like a magazine subscription, this program affords customers the convenience of signing up to receive automatic shipments of products in a series. The shipments continue until the enrollment is cancelled. Visit the website for details.

The Armed Forces Medals are also available at the Mint’s sales centers at the Philadelphia Mint, 151 N. Independence Mall East, Philadelphia, PA 19106 (on 5th Street between Arch Street and Race Street); at the Denver Mint, 320 West Colfax Avenue, Denver, CO 80204 (on Cherokee Street, between West Colfax Avenue and West 14th Avenue); and from the Mint Headquarters Coin Store in Washington, D.C., 801 9th St. NW, Washington, DC 20220.

Anticipated future releases in the Armed Forces Medal Program include a one ounce medal honoring the U.S. Space Force.

About the United States Mint
Congress created the United States Mint in 1792, and the Mint became part of the Department of the Treasury in 1873. As the Nation’s sole manufacturer of legal tender coinage, the Mint is responsible for producing circulating coinage for the Nation to conduct its trade and commerce. The Mint also produces numismatic products, including proof, uncirculated, and commemorative coins; Congressional Gold Medals; Silver and bronze medals; and silver and gold bullion coins. Its numismatic programs are self-sustaining and operate at no cost to taxpayers.

Note: To ensure that all members of the public have fair and equal access to United States Mint products, the United States Mint will not accept and will not honor orders placed prior to the official on-sale date of September 11, 2023, at noon EDT.

Please use the Mint’s catalog site at https://catalog.usmint.gov/ as your primary source of the most current information on products and services or call 1-800-USA-MINT (872-6468).

Joint Press Release: Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Hurricane Idalia

Source: US Federal Deposit Insurance Corporation FDIC

The Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators, collectively the agencies, recognize the serious impact of Hurricane Idalia on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.

A complete list of the affected disaster areas can be found at https://www.fema.gov/disasters.

Lending: The agencies encourage financial institutions to work constructively with borrowers in communities affected by Hurricane Idalia. Prudent efforts to adjust or alter terms on existing loans in affected areas are supported by the agencies and should not be subject to examiner criticism. In accordance with U.S. generally accepted accounting principles, institutions should individually evaluate modifications of existing loans to determine whether they represent troubled debt restructurings or modifications to borrowers experiencing financial difficulty, as applicable. In making this evaluation, institutions should consider the facts and circumstances of each borrower and modification. In supervising institutions affected by Hurricane Idalia, the agencies will consider the unusual circumstances these institutions face. 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.

Temporary Facilities: The agencies understand that many financial institutions face staffing, power, telecommunications, and other challenges in re-opening facilities after Hurricane Idalia. In cases in which operational challenges persist, the primary federal and/or state regulator will expedite, as appropriate, any request to operate temporary facilities to provide more convenient availability of services to those affected by Hurricane Idalia. In most cases, a telephone notice to the primary federal and/or state regulator will suffice initially to start the approval process, with necessary written notification being submitted shortly thereafter.

Publishing Requirements: The agencies understand that the damage caused by Hurricane Idalia may affect compliance with publishing and other requirements for branch closings, relocations, and temporary facilities under various laws and regulations. Institutions experiencing disaster-related difficulties in complying with any publishing or other requirements should contact their primary federal and/or state regulator.

Regulatory Reporting Requirements: Institutions affected by Hurricane Idalia that expect to encounter difficulty meeting the agencies’ reporting requirements should contact their primary federal and/or state regulator to discuss their situation. The agencies do not expect to assess penalties or take other supervisory action against institutions that take reasonable and prudent steps to comply with the agencies’ regulatory reporting requirements if those institutions are unable to fully satisfy those requirements because of Hurricane Idalia. 

The agencies’ staffs stand ready to work with affected institutions that may be experiencing problems fulfilling their reporting responsibilities, taking into account each institution’s particular circumstances, including the status of its reporting and recordkeeping systems and the condition of its underlying financial records.

Community Reinvestment Act (CRA): Financial institutions may receive CRA consideration for community development loans, investments, or services that revitalize or stabilize federally designated disaster areas in their assessment areas or in the states or regions that include their assessment areas. For additional information, refer to the Interagency Questions and Answers Regarding Community Reinvestment at https://www.ffiec.gov/cra/qnadoc.htm.

Investments: Institutions are encouraged to monitor municipal securities and loans affected by Hurricane Idalia. The agencies realize local government projects may be negatively affected by the disaster and encourage institutions to engage in appropriate monitoring and take prudent efforts to stabilize such investments.

For more information, refer to the Interagency Supervisory Examiner Guidance for Institutions Affected by a Major Disaster, which is available as follows: 

CSBS:  https://www.csbs.org/interagency-supervisory-examiner-guidance-institutions-affected-major-disaster

FDIC:  https://www.fdic.gov/news/news/financial/2017/fil17062.html

FRB:  https://www.federalreserve.gov/supervisionreg/srletters/sr1714a1.pdf

OCC:  https://www.occ.gov/news-issuances/bulletins/2017/bulletin-2017-61.html

NCUA:  https://www.ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/examiner-guidance-institutions-affected-major-disaster


MEDIA CONTACTS:

CSBS

Laura Fisher

(202) 812-9813

FDIC

LaJuan Williams-Young

(202) 898-3876

FBR

Meg Nelson

(202) 452-2955

NCUA

Joseph Adamoli

(703) 518-6330

OCC

Stephanie Collins

(202) 649-6870

FDIC: PR-69-2023