Regulators Support Katrina Victims in Public Service Ads

The federal financial regulatory agencies will conduct a public service campaign to aid in the financial recovery of victims of last year's hurricanes.

Some bank customers have not yet been in contact with their lenders, and communication is an essential step in the road to financial recovery,

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the National Credit Union Administration and state financial regulators are encouraging banks, thrifts, and credit unions to continue to work with borrowers affected by the hurricanes.

Assistance may include waiving fees, lowering interest rates, extending repayment schedules, or deferring principal or interest for an additional period, where appropriate. For these options to be considered, however, it is essential that the borrower contact his or her lender.