Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas Affected by Severe Storms in Central Florida
FIL-18-2007 February 26, 2007
The Federal Deposit Insurance Corporation (FDIC) has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas affected by severe storms and tornadoes in four counties in central Florida.
Severe thunderstorms and tornadoes in central Florida have resulted in significant damage across Lake, Seminole, Sumter and Volusia counties.
The FDIC is encouraging banks to work constructively with borrowers who are experiencing difficulties beyond their control because of damage caused by the storms.
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.
FDIC-Supervised Banks (Commercial and Savings) in Florida