Inactive Financial Institution Letters
Regulatory Relief
Guidance to Help Financial Institutions and Facilitate Recovery in the Commonwealth of Puerto Rico Affected by Tropical Storm Otto |
FIL-73-2010
November 1, 2010 |
Printable Format:
FIL-73-2010 - PDF (PDF Help)
| Summary:
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The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in the Commonwealth of Puerto Rico affected by Tropical Storm Otto. |
Highlights:
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Tropical Storm Otto caused significant property damage in the Commonwealth of Puerto Rico during the period of October 4 to 8, 2010.
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A federal disaster for the Commonwealth of Puerto Rico was declared on October 26, 2010.
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The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the hurricane.
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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.
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The FDIC also will consider regulatory relief from certain filing and publishing requirements.
Distribution:
FDIC-Supervised Banks (Commercial and Savings)
in the Commonwealth of Puerto Rico
Suggested Routing:
Chief Executive Officer
Compliance Officer
Chief Lending Officer
Related Topics:
Lending
Investments
Publishing Requirements
Consumer Laws
Attachment:
Supervisory Practices Regarding Depository Institutions and Borrowers Affected by Tropical Storm Otto in the Commonwealth of Puerto Rico - PDF (PDF Help)
Contact:
Assistant Regional Director Gregory P. Wyka at (917) 320-2550, or Gwyka@fdic.gov
Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/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).
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