Texas' banking commissioner has asked state-chartered banks there to consider adjusting loan terms and extending maturities for borrowers affected by the recent wildfires.
"We understand that the needs of individuals and businesses alike can change dramatically in the aftermath of such a disaster," Commissioner Randall S. James said Thursday in a press release. "As a result, we are encouraging state-chartered banks to be prudently responsive to community and customer needs."
Over the last week fires have destroyed thousands of acres of land and numerous structures in parts of Texas, Oklahoma, and New Mexico.
Mr. James also said the Texas Department of Banking would consider deferring scheduled examinations of banks in the affected areas, if it were determined that such exams would detract from appropriately serving customers. Banks that want deferrals or have questions on lending policies should call the department at 512-475-1300.
