Florida: FDIC Provides Guidance to Facilitate Recovery in Areas Affected by Tropical Storm Debby

July 5 - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Florida affected by Tropical Storm Debby.

Highlights:

• Tropical Storm Debby caused significant property damage in areas of Florida beginning on June 23, 2012, and continuing.
• A federal disaster for selected areas in Florida was declared on July 3, 2012. 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 is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the tropical storm.
• 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.

Click here for more information.