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Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Puerto Rico Affected by Severe Weather

Disaster Relief
June 25, 2010

Summary

The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Puerto Rico affected by severe storms and flooding.

Highlights

  • Severe storms and flooding that occurred from May 26 through May 31, 2010, have caused significant property damage in areas of Puerto Rico.
  • Federal disasters were declared on June 24, 2010, for selected municipalities in Puerto Rico.
  • The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the severe weather.
  • 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 regulatory relief from certain filing and publishing requirements.

Distribution

FDIC-Supervised Banks (Commercial and Savings) in Puerto Rico 

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/2010/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 25, 2010