Regulatory Relief Guidance to Help Financial Institutions and to Facilitate Recovery in Storm- and Flood-Affected Areas of Minnesota, Wisconsin and Ohio
FIL-75-2007 September 4, 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 Minnesota, Wisconsin and Ohio that have suffered major damage from storms and flooding.
Severe storms and flooding have caused significant damage to areas of Minnesota, Wisconsin and Ohio.
In Minnesota, the counties of Fillmore, Houston, Winona, Olmsted, Steele, Wabasha and Dodge have been declared federal disaster areas.
In Wisconsin, the counties of Crawford, La Crosse, Richland, Sauk and Vernon have been declared federal disaster areas.
In Ohio, the counties of Allen, Crawford, Hancock, Putnam, Richland and Wyandot have been declared federal disaster areas.
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 Minnesota, Wisconsin and Ohio