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Steps to Help Rebuild Areas Affected by the Florida Storms
The Federal Deposit Insurance Corporation (FDIC) has announced a series of steps intended to facilitate the process of rebuilding areas in Florida damaged by recent tornadoes. Particularly hard hit were parts of the counties of Brevard, Osceola, Orange, Seminole, and Volusia.
As noted in the attached guidelines, the FDIC is encouraging state-chartered banks to work constructively with borrowers who are experiencing difficulties due to conditions beyond their control. The guidelines suggested that extending repayment terms, restructuring existing loans or easing terms for new loans, if done in a manner consistent with sound banking practices, can both contribute to the health of the community and serve the long-term interests of the lending institution. The guidelines also address other types of regulatory relief.
For guidance on these and related matters, please contact the FDIC's Atlanta Regional Office at (404) 817-1300.
Distribution: All FDIC-Supervised Institutions in Florida
NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, N.W., Room 100, Washington, D.C. 20434 (800-276-6003 or (703) 562-2200.)
Publishing Requirements.
The FDIC understands that the damage caused by the storms may affect compliance with publishing and other requirements for branch closings, relocations and temporary facilities under various laws and regulations. Banks that have storm-related difficulties complying with any publishing or other requirements should contact the Atlanta Regional Office.
Consumer Laws.
Regarding consumer loans, Regulation Z provides consumers an option
to waive or modify the three-day rescission period when a "bona
fide personal financial emergency" exists. To exercise this
option, the consumer must provide the lender with a statement
describing the emergency in accordance with the regulation.