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Financial Institution Letters

Regulatory Relief
Guidance to Help Financial Institutions and to Facilitate Recovery in Storm- and Flood-Affected Areas of Illinois
FIL-81-2007
September 12, 2007


Summary: The Federal Deposit Insurance Corporation (FDIC) has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Illinois that suffered major damage from storms and flooding.

Highlights:

  • Severe storms and flooding have caused significant damage to areas of Illinois.
  • The counties of Stephenson and Winnebago have been declared Federal Disaster Areas.
  • The FDIC is encouraging banks to work constructively with borrowers who are experiencing difficulties beyond their control because of damage caused by the storms and floods.
  • 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 will also consider regulatory relief from certain filing and publishing requirements for banks in the affected areas.

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

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 in Areas Affected by Severe Storms and Flooding in Illinois

Contact:
Assistant Regional Director David K. Mangian at
(312) 382-7550 or DMangian@fdic.gov.

Printable Format:
FIL-81-2007 - PDF (PDF Help)

Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2007/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).




Last Updated 9/12/2007 communications@fdic.gov