Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Oklahoma Affected by Severe Winter Storms, Straight-line winds, and Tornadoes
June 10, 2019 / Source: FDIC
Financial Institution Letters
FIL-30-2019
June 10, 2019
Regulatory Relief
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Oklahoma Affected by Severe Winter Storms, Straight-line winds, and Tornadoes
Printable Format:
Summary:
The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Oklahoma affected by severe winter storms, straight-line winds, and tornadoes.
Statement of Applicability to Institutions with Total Assets under $1 Billion: This Financial Institution Letter applies to all FDIC-supervised financial institutions.
Highlights:
- Severe winter storms, straight-line winds, and tornadoes caused significant property damage in areas of Oklahoma from May 7, 2019, and continuing.
- A federal disaster for selected areas in Oklahoma was declared on June 2, 2019. Additional designations may be made after damage assessments are completed in the affected areas. A current list of designated areas is available at www.fema.gov.
- The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the severe weather.
- Extending repayment terms, restructuring existing loans, or easing terms for new loans, if done in a manner consistent with sound banking practices, can contribute to the health of the local community and serve the long-term interests of the lending institution.
- Banks may receive favorable Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery.
- The FDIC also will consider regulatory relief from certain filing and publishing requirements.
Continuation of FIL-30-2019
Suggested Distribution:
- FDIC-Supervised Institutions in Oklahoma
Suggested Routing:
- Chief Executive Officer
- Compliance Officer
- Chief Lending Officer
Related Topics:
- Lending
- Investments
- Publishing Requirements
- Consumer Laws
- Community Reinvestment Act
Contact:
- Assistant Regional Director Joseph Meade at (972) 761-2068 or [email protected]
Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's website at www.fdic.gov/news/news/financial/index.html.
To receive FILs electronically, please visit www.fdic.gov/about/subscriptions/fil.html.
Paper copies may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).