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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
FIL-74-2007
September 4, 2007


Summary: In an update to FIL-61-2007 and FIL-68-2007, 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 additional areas of Oklahoma that are suffering from storms and flooding.

Highlights:

  • Severe storms, tornadoes and flooding have caused significant damage to areas of Oklahoma.
  • Thirty-three counties have been declared federal disaster areas, with the addition of Bryan, Canadian, Cleveland, Cotton, Grady, Kingfisher, McClain, Oklahoma, Rogers and Stephens counties.
  • 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

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

Contact:
Assistant Regional Director Mark G. Taylor
at (972) 761-2028 or MTaylor@fdic.gov

Printable Format:
FIL-74-2007 - 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 9/4/2007 communications@fdic.gov