Federal regulators are asking banks along the Gulf Coast to do more to help their customers who are being affected by the BP oil gusher in the Gulf of Mexico.
Because of the business disruptions and damages to businesses along the Gulf Coast Region due to the oil gusher banks are being asked to temporarily waive late payment charges, ATM fees, and penalties for early withdrawal of savings.
They are also being asked to speed up the lending process when possible, extend credit to businesses who have filed claims with BP and to ease credit terms or fees for loans to certain borrowers.
The FDIC said if the efforts are taken in a reasonable and prudent manner they are consistent with safe and sound banking practice and could help customers recover financially and be better positioned to honor their obligations.
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