The FDIC released guidance today with steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of New Mexico affected by the South Fork and Salt fires, and areas of Iowa affected by severe storms and tornadoes. The agency encouraged banks in affected areas to work constructively with borrowers experiencing difficulties due to the wildfires and severe weather, including extending repayment terms, restructuring existing loans or easing terms for new loans. The agency also said it would consider relief from certain filing and publishing requirements.
FinCEN to exempt U.S. companies from beneficial ownership reporting
FinCEN posted an interim final rule removing the requirement for U.S. companies and persons to report beneficial ownership information to the agency under the Corporate Transparency Act.