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Financial Institution Letters

Regulatory Relief
Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of Minnesota Affected by Severe Storms and Flooding
FIL-17-2009
April 20, 2009


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 parts of western Minnesota affected by recent severe storms and flooding.

Highlights:
  • Severe storms and flooding that began on March 16, 2009, have caused significant property damage in parts of western Minnesota.
  • A federal disaster was declared on April 9, 2009, which was amended on April 10 to include individual assistance for the counties of Clay, Norman, Traverse, and Wilkin.
  • The FDIC is encouraging banks to work constructively with borrowers who are experiencing difficulties beyond their control because of damage caused by the severe storms and flooding.
  • 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.

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

Suggested Routing:
Chief Executive Officer
Compliance Office
Chief Lending Officer

Related Topics:
Lending
Investments
Publishing Requirements
Consumer Laws

Attachment:
Supervisory Practices Regarding Depository Institutions And Borrowers Affected By Severe Storms and Flooding in Minnesota

Contact:
Acting Deputy Regional Director Kurt R. Hagedorn at (816) 234-8161 or KHagedorn@fdic.gov

Printable Format:
FIL-17-2009 - 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/2009/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 4/20/2009 communications@fdic.gov