Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Oklahoma Affected by Severe Winter Storms
March 3, 2021 / Source: FDIC
Financial Institution Letter
Regulatory Relief
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Oklahoma Affected by Severe Winter Storms
FIL-13-2021
Summary:
The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Oklahoma affected by severe winter storms.
A copy of the Guidance can be found on the FDIC’s website.
Statement of Applicability: This Financial Institution Letter (FIL) applies to all FDIC-supervised financial institutions.
Highlights:
- Severe winter storms caused significant property damage in areas of Oklahoma from February 8, 2021, through February 20, 2021.
- The Federal Emergency Management Agency (FEMA) declared a federal disaster for selected areas affected in Oklahomaon February 24, 2021. FEMA may make additional designations 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 winter storms.
- Banks that extend repayment terms, restructure existing loans, or ease terms for new loans 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.
Distribution:
FDIC-Supervised Institutions in Oklahoma
Suggested Routing:
Chief Executive Officer
Compliance Officer
Chief Lending Officer
Related Topics:
Lending
Investments
Publishing Requirements
Consumer Laws
Community Reinvestment Act