The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in the U.S. Virgin Islands affected by Hurricane Earl.
Hurricane Earl caused significant property damage in the U.S. Virgin Islands during the period of August 29 to 31, 2010.
A federal disaster for the territory of the U.S. Virgin Islands was declared on September 28, 2010.
The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the hurricane.
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.
FDIC-Supervised Banks (Commercial and Savings)
in U.S. Virgin Islands