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Regulatory Relief Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of Wisconsin Affected by Severe Storms, Tornadoes and Flooding

Disaster Relief
June 17, 2008
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 Wisconsin affected by recent severe storms, tornadoes and flooding.

Highlights:

  • Severe storms, tornadoes and flooding have caused significant property damage to areas of Wisconsin.
  • In Wisconsin, the counties of Columbia, Crawford, Milwaukee, Sauk, and Vernon have been declared federal disaster areas. Individuals and households in these counties may be eligible for federal assistance.
  • The FDIC is encouraging financial institutions to work constructively with borrowers who are 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 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 Wisconsin

Suggested Routing:
Chief Executive Officer
Compliance Officer
Chief Lending Officer

Attachment:
Supervisory Practices Regarding
Depository Institutions and Borrowers Affected by
Severe Storms and Tornadoes in Wisconsin

Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/2008/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).



Additional Related Topics:

  • Lending
  • Investments
  • Publishing Requirements
  • Consumer Laws
Attachment(s)

Last Updated: June 17, 2008