Illinois: FDIC Provides Guidance to Help Facilitate Recovery in Areas Affected by Severe Storms
Dec 2 - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Illinois affected by severe storms, straight-line winds and tornadoes.
- Severe storms, straight-line winds, and tornadoes caused significant property damage in areas of Illinois on Nov. 17, 2013.
- A federal disaster for selected areas in Illinois was declared on Nov. 26, 2013. 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 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 local 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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