The FDIC today released guidance with steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Texas recently affected by severe storms and flooding.
The agency encouraged banks in affected areas to work constructively with borrowers experiencing difficulties due to severe weather, 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.
In related news, the American Bankers Association announced yesterday that it will donate $10,000 to Texas Bankers Foundation, the charitable arm of the Texas Bankers Association, to assist with immediate disaster response and recovery. Individuals, banks or groups can contribute directly on the Texas Bankers Foundation donation page. Foundation Director Jocelyn Carby is available to answer banker questions about donations and the foundation’s relief efforts.
