Home > News & Events > Financial Institution Letters




Financial Institution Letters

Regulatory Relief
Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of California Affected by Major Fires
FIL-93-2007
October 26, 2007


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 California damaged by recent fires.

Highlights:

  • Major wild fires have caused significant property damage to areas of California.
  • The counties of Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara and Ventura have been declared federal disaster areas.
  • The FDIC is encouraging financial institutions to work constructively with borrowers who are experiencing difficulties beyond their control because of damage caused by fires.
  • 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 California

Suggested Routing:
Chief Executive Officer
Compliance Officer
Chief Lending Officer

Related Topics:
Lending
Investments
Publishing Requirements
Consumer Laws

Attachment:
Supervisory Practices Regarding Depository
Institutions and Borrowers Affected by Fire
Damage in California

Contact:
Case Manager Debra Rhodes at (415) 808-8060 or
DRhodes@fdic.gov or Case Manager P. Bonn
Phillips at (415) 808-8055 or PPhillips@fdic.gov

Printable Format:
FIL-93-2007 - PDF (PDF Help)

Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2007/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).




Last Updated 10/26/2007 communications@fdic.gov