Inactive Financial Institution Letters
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Minnesota Affected by Severe Weather
October 15, 2010
FIL-67-2010 - PDF (PDF Help)
|| The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Minnesota affected by severe storms and flooding.
Severe storms and flooding, which began on September 22, 2010, caused significant property damage in areas of Minnesota.
A major disaster was declared on October 13, 2010, for selected counties in Minnesota.
The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the severe 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)
Chief Executive Officer
Chief Lending Officer
Supervisory Practices Regarding Depository Institutions and Borrowers Affected by Severe Storms and Flooding in Areas of Minnesota - PDF (PDF Help)
Assistant Regional Director Michele L. Sharp at (816) 234-8053 or MiSharp@fdic.gov .
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2010/index.html.
To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).