FDIC, OCC Announce Relief for Flooding-Hit Banks

Following the catastrophic flooding in Texas and Oklahoma, the OCC today declared an emergency in the affected areas and said that national banks and federal thrifts would be permitted, at their own discretion, to close branches and offices in the affected areas.

Meanwhile, the FDIC today announced steps to provide regulatory relief to financial institutions and facilitate recovery in areas of Oklahoma affected by the severe storms, flooding and high winds. The agency is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the severe weather. It also will consider regulatory relief from certain filing and publishing requirements.