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Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in the Commonwealth of Puerto Rico Affected by Tropical Storm Otto

Disaster Relief
November 1, 2010
Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in the Commonwealth of Puerto Rico affected by Tropical Storm Otto.

Highlights:
  • Tropical Storm Otto caused significant property damage in the Commonwealth of Puerto Rico during the period of October 4 to 8, 2010.
  • A federal disaster for the Commonwealth of Puerto Rico was declared on October 26, 2010.
  • The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the hurricane.
  • 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 also will consider regulatory relief from certain filing and publishing requirements.

Distribution:
FDIC-Supervised Banks (Commercial and Savings)
in the Commonwealth of Puerto Rico

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/2010/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
Attachment(s)

Last Updated: November 1, 2010