The FDIC today released guidance with steps intended to provide regulatory relief to financial institutions and facilitate recovery in seven states recently affected by natural disasters.
The agency encouraged banks in affected areas to work constructively with borrowers experiencing difficulties, 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.
The states are (Arkansas had two disaster declarations):
- Kentucky – Federal disaster declaration issued on April 24
- Arkansas – Federal disaster declaration issued on May 8
- Arkansas – Federal disaster declaration issued on May 21
- Mississippi – Federal disaster declaration issued on May 21
- Missouri – Federal disaster declaration issued on May 21
- Oklahoma – Federal disaster declaration issued on May 21
- Texas – Federal disaster declaration issued on May 21
- Kentucky – Federal disaster declaration issued on May 23
