Texas Bank Report, November 2017 Page: 2
13 p.View a full description of this periodical.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
Commissioner's Comments
"..I can report that state-chartered institutions fared and responded well in light of the
situation. To be expected after a major disaster, time is needed for local communities
to recover. Economic challenges are expected..."ver two months have passed since the Texas Coastal Bend
Region and the Greater Houston areas were devastated by
Hurricane Harvey. There have been countless human-in-
terest stories and shear acts of heroism in an effort to help those in
need.
After touring Houston immediately after Harvey, a few weeks ago
my wife and I had an opportunity to visit the Port Aransas/Aransas
Pass area to witness the devastation and rebuilding efforts underway.
It is one thing to hear verbal reports and see photos on the news and
social media, and quite another to see nature's destruction first-
hand.
In the days following the hurricane, bankers shared stories about
their staff helping those in need. From opening a location to assist
customers, to helping the community and volunteering in the
recovery.
Business continuity plans generally worked well and enabled insti-
tutions to restore operations swiftly. A few institutions had to adjust
plans and improvise their responses to successfully address unex-
pected complications. Overall however, I can report that state-char-
tered institutions fared and responded well in light of the situation.
Personally, I am very proud of how our banks performed during and
after the crisis. To be expected after a major disaster, time is needed
for local communities to recover. Economic challenges are expected
and the Department will work with financial institutions to support
and not impede the process.After Harvey, initial unemployment claims soared. Once employ-
ment data is available, the economists suggest that employment
will reflect a decline; however, it is likely to rebound in subsequent
months and continue to grow. This trend should show the resil-
iency of the Texas economy. However, the full impact may not be
completely known until the fourth quarter. While banks will have
exposure due to affected borrowers, the continued recovery efforts
are expected to increase loan demand for real estate and auto loans.
Growth is also anticipated in the construction and retail sectors as
people begin to rebuild and replace damaged items.
The Department has taken a long, hard look at the lessons learned
from this disaster and asked several bankers to give us their thoughts
on their preparedness and what they learned. In this edition, we
believe the comments provide some insights and ideas to further
improve your continuity plans.
Interestingly enough, the Department is undergoing its own review
of its continuity by the Texas Sunset Commission. The sunset
process is the regular assessment of the continuing need for a state
agency or program to exist. The process creates an opportunity for
stakeholders to provide their feedback or insights into the agency's
performance. We welcome all our regulated entities to participate in
this important process.
Charles G. Cooper
Banking Commissioner2 * Texas Bank Report November 2017
Upcoming Pages
Here’s what’s next.
Search Inside
This issue can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Periodical.
Texas. Department of Banking. Texas Bank Report, November 2017, periodical, November 2017; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1454272/m1/2/: accessed May 30, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.