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Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of North Carolina…

October 12, 2016 / Source: FDIC

FIL-64-2016
October 11, 2016

Regulatory Relief
Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of North Carolina Affected by Hurricane Matthew
Printable Format: FIL-64-2016 - PDF (PDF Help)

Summary:

The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of North Carolina affected by Hurricane Matthew.

Statement of Applicability to Institutions with Total Assets under $1 Billion: This Financial Institution Letter applies to all FDIC-supervised financial institutions.

Highlights:

  • Hurricane Matthew has caused significant property damage in areas of North Carolina beginning October 4, 2016.
  • A federal disaster for selected areas in North Carolina was declared on October 10, 2016. Additional designations may be made after damage assessments are completed in the affected areas. A current list of designated areas is available at https://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 welfare of the local community and serve the long-term interests of the lending institution.
  • Banks may receive favorable Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery.
  • The FDIC will consider regulatory relief from certain filing and publishing requirements.

Continuation of FIL-64-2016

Suggested Distribution:

  • FDIC-supervised Banks (Commercial and Savings) in North Carolina

Suggested Routing:

  • Chief Executive Officer
  • Compliance Officer
  • Chief Lending Officer

Related Topics:

  • Lending
  • Investments
  • Publishing Requirements
  • Consumer Laws
  • Community Reinvestment Act

Contact:

Deputy Regional Director John Henrie at (678) 916-2220 or JoHenrie@fdic.gov

or

Assistant Regional Director Troy Hoskovec at (678) 916-2350 or THoskovec@fdic.gov