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

November 07, 2016 / Source: FDIC

FIL-74-2016
November 4, 2016

Regulatory Relief

Printable Format:
FIL-74-2016 - 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 Virginia 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 caused significant property damage in areas of Virginia beginning October 7, 2016, and continuing.
  • A federal disaster for selected areas in the commonwealth of Virginia was declared on November 2, 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 hurricane.
  • Assistance can include grants for temporary housing and home repairs, low-cost loans to cover uninsured property losses, and other programs to help individuals and business owners recover from the effects of the disaster.
  • 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-74-2016
Suggested Distribution:

  • FDIC-supervised Banks (Commercial and Savings) in Virginia

Suggested Routing:

  • Chief Executive Officer
  • Compliance Officer
  • Chief Lending Officer
  • Related Topics:
  • Lending
  • Investments
  • Publishing Requirements
  • Consumer Laws
  • Community Reinvestment Act

Contact:

Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at https://www.fdic.gov/news/news/financial/2016/.
To receive FILs electronically, please visit https://www.fdic.gov/about/subscriptions/fil.html.
Paper copies may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).