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Financial Institution Letter
Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Kentucky Affected by Severe Storms and Flooding
June 4, 2009
Notes
 
Summary: The Federal Deposit Insurance Corporation (FDIC) has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Kentucky affected by recent severe storms, tornadoes, mudslides and flooding.

Highlights:

  • Severe storms, tornadoes, flooding and mudslides that began on May 3, 2009, have caused significant property damage in Kentucky.
  • A federal disaster was declared on May 29, 2009, and includes individual assistance for Breathitt, Floyd, Owsley, and Pike counties.
  • The FDIC is encouraging banks 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 also will consider granting regulatory relief from certain filing and publishing requirements.

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

Suggested Routing:
Chief Executive Officer
Compliance Officer
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-29-2009
Attachments
Supervisory Practices Regarding Depository Institutions And Borrowers Affected By Severe Storms and Flooding in Kentucky
Last Updated: June 4, 2009