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Financial Institution Letters

Regulatory Relief
Steps to Help Rebuild Areas Affected by Hurricane Katrina
FIL-85-2005
August 29, 2005


Summary: The Federal Deposit Insurance Corporation has announced a series of steps intended to facilitate the rebuilding process in areas damaged by Hurricane Katrina and associated severe storms.

Highlights:
  • Hurricane Katrina and associated severe storms have resulted in wind damage, heavy rainfall and flooding in the South.
  • The FDIC is encouraging banks to work constructively with borrowers who, because of the natural disaster, are experiencing difficulties beyond their control.
  • Extending repayment terms, restructuring existing loans or easing terms for new loans, if done in a manner consistent with sound banking practices, can contribute to the health of the community and serve the long-term interests of the lending institution.
  • The FDIC will also consider regulatory relief from certain filing and publishing requirements.

Distribution:
FDIC-Supervised Banks (Commercial and Savings) in Alabama, Florida, Louisiana, Mississippi, and Tennessee

Suggested Routing:
Chief Executive Officer
Compliance Officer
Chief Lending Officer

Related Topics:
Lending
Publishing Requirements
Consumer Laws

Attachment:
Supervisory Practices Regarding Depository Institutions and Borrowers Affected by Hurricane Katrina and Associated Severe Storms

Contact:
Assistant Regional Director Gale Simons-Poole at gsimons-poole@fdic.gov or (678) 916-2200 (Alabama and Florida)

Assistant Regional Director Cheryl Couch at ccouch@fdic.gov or (972) 761-2070 (Louisiana)

Assistant Regional Director Patricia Lenfert at plenfert@fdic.gov or (901) 821-5203 (Mississippi and Tennessee)

Printable Format:
FIL-85-2005 - PDF 46k (PDF Help)

Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2005/index.html.

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.

Paper copies of FDIC FILs may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342 or (703) 562-2200).


Last Updated 08/29/2005 communications@fdic.gov