Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Alabama Affected by Hurricane Sally
September 23, 2020 / Source: FDIC
Financial Institution Letter
The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Alabama affected by Hurricane Sally.
A copy of the Guidance can be found on the FDIC's website.
Statement of Applicability to Institutions with Total Assets under $1 Billion: This Financial Institution Letter (FIL) applies to all FDIC-supervised financial institutions.
- Hurricane Sally has caused significant property damage in areas of Alabama from September 14, 2020 and continuing.
- The Federal Emergency Management Agency (FEMA) declared a federal disaster for selected areas affected in Alabama on September 20, 2020. FEMA may make additional designations 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 Hurricane Sally.
- Banks that extend repayment terms, restructure existing loans, or ease terms for new loans 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 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.
FDIC-Supervised Institutions in Alabama
Chief Executive Officer
Chief Lending Officer
Community Reinvestment Act