Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Kentucky and Arkansas Affected by Severe Winter Weather
FIL-10-2009 February 6, 2009
The Federal Deposit Insurance Corporation (FDIC) has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Kentucky and Arkansas affected by recent severe weather.
Severe winter weather has caused significant property damage and long-term power outages in areas of Kentucky and Arkansas.
Federal disasters were declared on January 28, 2009, for selected counties in Kentucky and Arkansas.
The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the severe winter weather.
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 also will consider regulatory relief from certain filing and publishing requirements.
FDIC-Supervised Banks (Commercial and Savings) in Kentucky and Arkansas