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Financial Institution Letter
Regulatory Relief Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of Minnesota Affected by Severe Storms and Flooding
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 parts of western Minnesota affected by recent severe storms and flooding.

Highlights:
  • Severe storms and flooding that began on March 16, 2009, have caused significant property damage in parts of western Minnesota.
  • A federal disaster was declared on April 9, 2009, which was amended on April 10 to include individual assistance for the counties of Clay, Norman, Traverse, and Wilkin.
  • The FDIC is encouraging banks to work constructively with borrowers who are experiencing difficulties beyond their control because of damage caused by the severe storms and flooding.
  • 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.

Distribution:
FDIC-Supervised Banks (Commercial and Savings) in Minnesota

Suggested Routing:
Chief Executive Officer
Compliance Office
Chief Lending Officer

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


Additional Related Topics:

  • Lending
  • Investments
  • Publishing Requirements
  • Consumer Laws
FIL-17-2009
Attachments
Last Updated: April 20, 2009