Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in the Territory of American Samoa, Affected by an Earthquake, Tsunami and Flooding
FIL-60-2009 October 1, 2009
The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in the territory of American Samoa, where an earthquake, a tsunami and flooding have caused severe property damage and casualties.
An earthquake, a tsunami and flooding that began on September 29, 2009, have caused significant property damage and casualties in the territory of American Samoa.
A federal disaster was declared on September 29, 2009.
The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by these disasters.
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 the territory of American Samoa