The FDIC has initiated a series of steps to provide regulatory relief to institutions and facilitate recovery in areas of Minnesota and Alaska affected by recent weather events.
The agency has posted information and resources to its disaster page for institutions in Alaska affected by severe storms, flooding, and Typhoon Halong as well as for banks in areas of the Leech Lake Indian Reservation in Minnesota affected by severe storms and straight-line winds. The FDIC is encouraging institutions to “work constructively” with borrowers experiencing difficulties beyond their control because of damage in affected areas.
According to the agency, banks may receive favorable Community Reinvestment Act consideration for community development loans, investments and services in support of disaster recovery, and the FDIC also will consider regulatory relief from certain filing and publishing requirements.
