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Guidance to Help Financial Institutions and Facilitate Recovery in Areas of South Carolina Affected by Severe Storms, Tornadoes and Straight-Line Winds

May 07, 2020 / Source: FDIC

Financial Institution Letters

FIL-53-2020
May 7, 2020

Regulatory Relief

Guidance to Help Financial Institutions and Facilitate Recovery in Areas of South Carolina Affected by Severe Storms, Tornadoes and Straight-Line Winds

Printable Format:

FIL-53-2020 - PDF (PDF Help)

Summary:

The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of South Carolina affected by severe storms, tornadoes and straight-line winds.

Statement of Applicability to Institutions with Total Assets under $1 Billion: This Financial Institution Letter (FIL) applies to all FDIC-supervised financial institutions.

Highlights:

 

  • Severe storms, tornadoes and straight-line winds have caused significant property damage in areas of South Carolina from April 12, 2020 through April 13, 2020.
  • A federal disaster for selected areas affected in South Carolina was declared on May 1, 2020. 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-53-2020

Distribution:

  • FDIC-Supervised Institutions in South Carolina

Suggested Routing:

  • Chief Executive Officer
  • Compliance Officer
  • Chief Lending Officer

Related Topics:

  • Lending
  • Investments
  • Publishing Requirements
  • Consumer Laws
  • Community Reinvestment Act

Contact:

Note:

Access FDIC Financial Institution Letters (FILs) on the FDIC's website.

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