The FDIC today released guidance with steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Arizona affected by Havasupai Tribe flooding over the summer.
The agency encouraged banks in affected areas to work constructively with borrowers experiencing difficulties due to flooding, including extending repayment terms, restructuring existing loans or easing terms for new loans. The agency said 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.
