BP Spill Reminder #12 - Day 88 - The Federal Reserve Takes Action

Friday, July 16, 2010

In an attempt to alleviate the situation of Gulf residents the Federal Reserve has ordered banks to "work with the customer" and waive several fees.
The letter from the
  • Board of Governors of the Federal Reserve System 
  • Federal Deposit Insurance Corporation 
  • Office of the Comptroller of the Currency 
  • Office of Thrift Supervision 
  • National Credit Union Administration 
  • Conference of State Banking Supervisors
financial institutions to work with their customers and consider measures to assist borrowers affected by this situation and its subsequent impact on local communities... 
Substantial business disruption and damage to businesses along the Gulf Coast Region have occurred. In response to this disaster, financial institutions can take measures to meet the critical financial needs of their customers and their communities. 
The Fed said basically that banks would not deviate from sound banking practices when coming up with alternatives for customers.
Such alternatives may include:
  • Temporarily waiving late payment charges, ATM fees, and penalties for early withdrawal of savings; 
  • Expediting lending decisions when possible, consistent with safety and soundness;
  • Extending or restructuring borrower debt obligations in anticipation of the receipt offunds based on claims the borrower may have filed with BP; and
  • Easing credit terms or fees for loans to certain borrowers, consistent with prudent banking practice.
Call For a Submarine Search Operation

While media reports focus on the successful placing of the cap on the gushing oil  well in the biggest man-made environmental disaster, oil expert Matt Simmons said on MSNBC that there must be a much bigger leak than the one now closed by BP.
Simmons called for the army to send a submarine on search operation in the video below.

The well may not be BP's only problem. Watch the follwoing video for what seem to be cracks in the seafloor emitting crude oil. There has been ongoing speculation about a ruptured seabed.


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