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Financial Institution Letter

Regulatory Relief Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of Iowa and Nebraska Affected by Severe Storms, Tornadoes and Flooding

June 17, 2008
Notes
 
Summary: The Federal Deposit Insurance Corporation (FDIC) has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Iowa and Nebraska affected by recent severe storms, tornadoes and flooding.

Highlights:

  • Severe storms, tornadoes and flooding have caused significant property damage to areas of Iowa and Nebraska.
  • In Iowa, the counties of Adams, Benton, Black Hawk, Bremer, Buchanan, Butler, Cerro Gordo, Delaware, Fayette, Floyd, Hardin, Johnson, Linn, Marion, Page, Story, Tama, and Union have been declared federal disaster areas. Individuals and households in these counties may be eligible for federal assistance.
  • In Nebraska, the counties of Gage, Johnson, Morrill, Nemaha, and Pawnee have been declared federal disaster areas. Individuals and households in these counties may be eligible for federal assistance.
  • The FDIC is encouraging financial institutions to work constructively with borrowers who are experiencing difficulties beyond their control because of damage caused by these disasters.
  • 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.
  • The FDIC will also consider regulatory relief from certain filing and publishing requirements for banks in the affected areas.

Distribution:
FDIC-Supervised Banks (Commercial and Savings)
in Iowa and Nebraska

Suggested Routing:
Chief Executive Officer
Compliance Officer
Chief Lending Officer

Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/2008/index.html .

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html .

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562- 2200).



Additional Related Topics:

  • Lending
  • Investments
  • Publishing Requirements
  • Consumer Laws
FIL-49-2008
Attachment(s)
Supervisory Practices Regarding Depository Institutions and Borrowers Affected by Severe Storms and Tornadoes in Iowa and Nebraska

Last Updated: June 17, 2008