Regulatory Relief Guidance to Help Financial Institutions and to Facilitate Recovery in Storm- and Flood-affected Areas of Oklahoma and Texas
FIL-61-2007 July 6, 2007
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 Oklahoma and Texas that suffered major damage from storms and flooding that started in May and continued through June.
Severe storms, tornadoes and flooding have caused significant damage to areas of Oklahoma and North and Central Texas.
The Oklahoma counties of Atoka, Beckham, Blaine, Caddo, Comanche, Dewey, Ellis, Greer, Kay, Kiowa, Lincoln, Noble, Nowata, Okfuskee, Pottawatomie, Roger Mills and Seminole were declared federal disaster areas on June 7, 2007.
In Texas, the counties of Cooke, Coryell, Denton, Grayson, Lampasas and Tarrant were declared federal disaster areas on June 29, 2007.
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.
FDIC-Supervised Banks (Commercial and Savings)
in Oklahoma and Texas