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

Disaster Relief
April 26, 2011
Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Oklahoma affected by severe storms, tornadoes, and straight-line winds.

Statement of Applicability to Institutions with Total Assets under $1 billion: This Financial Institution Letter applies to all FDIC-supervised financial institutions.

Highlights:
  • Severe storms, tornadoes, and straight-line winds caused significant property damage in areas of Oklahoma on April 14, 2011.
  • A federal disaster was declared on April 22, 2011 for Atoka County.
  • 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.

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

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/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).

Additional Related Topics:

  • Lending
  • Investments
  • Publishing Requirements
  • Consumer Laws
Attachment(s)
Supervisory Practices Regarding Depository Institutions and Borrowers Affected by Severe Weather in Areas of Oklahoma

Last Updated: April 26, 2011