FDIC Provides Guidance to Help Facilitate Recovery in Areas Affected by Hurricane Isaac
Aug 30 - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas affected by Hurricane Isaac.
- Hurricane Isaac caused significant property damage in areas along the Gulf Coast of the United States.
- A federal emergency was declared for selected areas along the Gulf Coast. Additional designations may be made after damage assessments are completed in the affected areas. A current list of designated areas is available at www.fema.gov.
- The FDIC encourages banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by Hurricane Isaac.
- 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.
- Banks may receive favorable Community Reinvestment Act consideration for community development loans, investments, and services in support of disaster recovery.
- The FDIC also will consider regulatory relief from certain filing and publishing requirements.
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