Regulatory Relief Guidance to Help Financial Institutions and to Facilitate Recovery in Additional Storm- and Flood-Affected Areas of Ohio and Wisconsin
FIL-80-2007 September 12, 2007
In an update to FIL-75-2007, 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 Ohio and Wisconsin that are suffering from storms and flooding.
Severe storms and flooding have caused significant damage to areas of Ohio and Wisconsin.
In Ohio, eight counties have now been declared federal disaster areas, with the addition of Hardin and Seneca counties.
In Wisconsin, 14 counties have been declared federal disaster areas, with the addition of Columbia, Dane, Grant, Green, Iowa, Jefferson, Kenosha, Racine, and Rock 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)
in Ohio and Wisconsin