Senator Reverend Warnock urged federal banking regulators to alleviate potential banking fees and penalties for those impacted by Hurricane Helene

Several thousand Georgians are still without power and do not have access to bank accounts, some unable to make on-time payments

Senator Reverend Warnock: “As the State of Georgia begins to assess the damage, I urge you to issue guidance to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by Hurricane Helene”

Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA), chair of the Senate Banking Financial Institutions and Consumer Protection subcommittee, urged federal banking regulators to issue guidance and to work constructively with borrowers impacted by Hurricane Helene who are experiencing banking difficulties beyond their control. In the letter, the Senator also requested that regulators encourage financial institutions to temporarily waive penalties and fees against customers who may have limited access to their bank accounts or a limited ability to pay bills due to outages and other damage caused by the storm. 

“As the State of Georgia begins to assess the damage, I urge you to issue guidance to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by Hurricane Helene,” wrote Senator Warnock.

Senator Warnock has been active in federal Hurricane Helene recovery efforts in Georgia, traveling to Augusta and Valdosta to meet with local leaders and assess storm damage. The Senator’s website also hosts a web resource page with regularly updated information to assist Georgians in need following the hurricane.

Additionally, since the storm’s landfall, the Senator has worked urgently to use the tools of the federal government to provide swift and robust support to impacted Georgia families and communities, including successfully pushing President Biden to approve an emergency disaster declaration and most recently joining his Georgia congressional delegation colleagues to urge the President to “promptly” make a major disaster declaration that will unlock additional aid and support for Georgians in need; at their request the Administration has approved several Georgia counties for individual and public disaster assistance, and are actively working to approve assistance for all of Georgia’s counties impacted by the storm. And, as a member of the Senate Agriculture committee, Senator Warnock has been a vocal advocate for additional disaster aid to support Georgia’s farmers, and has called for the Senate to take up and pass legislation to provide additional relief as soon as possible.

The letter can be found HERE and text of the letter is below:

Dear Chair Powell, Chair Gruenberg, Acting Comptroller Hsu, and Chair Harper,

Communities throughout Georgia are still assessing the damage from Hurricane Helene. Since making landfall, Hurricane Helene has caused catastrophic flooding and torrential rainfall, leading to dozens of fatalities and leaving millions without power.

As the State of Georgia begins to assess the damage, I urge you to issue guidance to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by Hurricane Helene. This includes encouraging the financial institutions you regulate to temporarily waive penalties and fees against customers who may have limited access to their bank accounts or a limited ability to pay bills and other obligations because of damage caused by Hurricane Helene.

Thank you for your prompt attention to this urgent matter. I look forward to working with you to support Georgia and all surrounding areas affected by this disaster. By working together, we can assist Georgians on their road to recovery and strengthen the resiliency of their communities. 

Sincerely,

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