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Inactive Financial Institution Letters

Regulatory Relief
Guidance to Help Financial Institutions and to Facilitate Recovery in Curry County and Quay County, New Mexico
FIL-36-2007
April 23, 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 counties most affected by recent severe storms and tornadoes in eastern New Mexico.

Highlights:

  • Severe storms and tornadoes that occurred on March 23 and 24 have resulted in significant damage in Curry County and Quay County, New Mexico.
  • Curry County and Quay Country were declared Federal Disaster Areas on April 2.
  • 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 for banks in the affected areas.

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

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 Tornadoes in Eastern New Mexico

Contact:
Acting Assistant Regional Director Dana English,
Dallas Regional Office, at (972) 761-2416 or
DEnglish@fdic.gov; or Assistant Regional Director
Nann Wright, Dallas Regional Office, at
(972) 761-2013 or NWright@fdic.gov

Printable Format:
FIL-36-2007 - PDF 38k (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 03/13/2008 communications@fdic.gov