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Financial Institution Letters

Regulatory Relief
Guidance to Help Financial Institutions and to Facilitate Recovery in Storm- and Flood-affected Areas of Oklahoma and Texas
FIL-61-2007
July 6, 2007


Summary: The Federal Deposit Insurance Corporation (FDIC) has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Oklahoma and Texas that suffered major damage from storms and flooding that started in May and continued through June.

Highlights:

  • Severe storms, tornadoes and flooding have caused significant damage to areas of Oklahoma and North and Central Texas.
  • The Oklahoma counties of Atoka, Beckham, Blaine, Caddo, Comanche, Dewey, Ellis, Greer, Kay, Kiowa, Lincoln, Noble, Nowata, Okfuskee, Pottawatomie, Roger Mills and Seminole were declared federal disaster areas on June 7, 2007.
  • In Texas, the counties of Cooke, Coryell, Denton, Grayson, Lampasas and Tarrant were declared federal disaster areas on June 29, 2007.
  • The FDIC is encouraging banks to work constructively with borrowers who are experiencing difficulties beyond their control because of damage caused by the storms and floods.
  • 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 for banks in the affected areas.

Distribution:
FDIC-Supervised Banks (Commercial and Savings)
in Oklahoma and Texas

Suggested Routing:
Chief Executive Officer
Compliance Officer
Chief Lending Officer

Related Topics:
Lending
Investments
Publishing Requirements
Consumer Laws

Attachment:
Supervisory Practices Regarding Depository Institutions and Borrowers in Areas Affected by Severe Storms and Flooding in Oklahoma and Texas

Contact:
Acting Deputy Regional Director Cheryl A. Couch
(972) 761-2070 or ccouch@fdic.gov

Printable Format:
FIL-61-2007 - PDF (PDF Help)

Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2007/index.html.

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

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562- 2200).




Last Updated 7/6/2007 communications@fdic.gov