Regulatory Relief Guidance to Help Financial Institutions and to Facilitate Recovery in Storm- and Flood-affected Areas of Oklahoma
FIL-74-2007 September 4, 2007
In an update to FIL-61-2007 and FIL-68-2007, 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 additional areas of Oklahoma that are suffering from storms and flooding.
Severe storms, tornadoes and flooding have caused significant damage to areas of Oklahoma.
Thirty-three counties have been declared federal disaster areas, with the addition of Bryan, Canadian, Cleveland, Cotton, Grady, Kingfisher, McClain, Oklahoma, Rogers and Stephens 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 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)