The FDIC released guidance today with steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Michigan affected by severe storms, flooding and tornadoes. The agency encouraged banks in affected areas to work constructively with borrowers experiencing difficulties due to the 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.
Fed’s Cook: CDFIs face many challenges in current economic climate
As “financial first responders,” community development financial institutions have the creativity and funding structures to assist low-income communities, but they...