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Inactive Financial Institution Letters

Regulatory Relief
Guidance to Help Financial Institutions and to Facilitate Recovery in Storm- and Flood-Affected Areas of South Dakota
FIL-42-2007
May 25, 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 South Dakota that suffered major damage from storms and flooding, which started on May 4, 2007.

Highlights:
  • Severe storms, tornadoes and flooding have caused significant damage to areas of South Dakota.
  • The counties of Beadle, Brown, Clark, Davison, Hanson, Hutchinson, Miner, Sanborn, Spink and Yankton were declared Federal Disaster Areas on May 22, 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 South Dakota

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 South Dakota

Contact:
Assistant Regional Director Mark S. Moylan, Kansas City Regional Office, on (816) 234-9029 or MMoylan@fdic.gov

Printable Format:
FIL-42-2007 - PDF 31k (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 03/13/2008 communications@fdic.gov