Highlights:
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Severe storms and flooding caused significant property damage in areas of Maine during the period of December 12–19, 2010.
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A federal disaster for selected areas in Maine was declared on February 1, 2011.
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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 severe weather.
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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 Maine
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 Severe Weather in Areas of Maine
Contact:
Assistant Regional Director Gregory P. Bottone at (781) 794-5514 or Gbottone@fdic.gov.
Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2011/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 (877-275-3342 or 703-562-2200).
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