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Financial Institution Letters

Regulatory Relief
Guidance to Help Financial Institutions and Facilitate Recovery in the Territory of American Samoa, Affected by an Earthquake, Tsunami and Flooding
FIL-60-2009
October 1, 2009


Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in the territory of American Samoa, where an earthquake, a tsunami and flooding have caused severe property damage and casualties.

Highlights:
  • An earthquake, a tsunami and flooding that began on September 29, 2009, have caused significant property damage and casualties in the territory of American Samoa.
  • A federal disaster was declared on September 29, 2009.
  • The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by these disasters.
  • 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 also will consider regulatory relief from certain filing and publishing requirements.

Distribution:
FDIC-Supervised Banks (Commercial and Savings)
in the territory of American Samoa

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 Affected By Earthquake, Tsunami and Flooding in the Territory of American Samoa - PDF (PDF Help)

Contact:
Acting Assistant Regional Director Joseph Hull at (415) 808-8029 or JHull@fdic.gov

Printable Format:
FIL-60-2009 - 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/2009/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 10/1/2009 communications@fdic.gov