Regulatory Relief Steps to Help Rebuild Areas Affected by Hurricane Katrina
FIL-85-2005 August 29, 2005
The Federal Deposit Insurance Corporation has announced a series of steps intended to facilitate the rebuilding process in areas damaged by Hurricane Katrina and associated severe storms.
Hurricane Katrina and associated severe storms have resulted in wind damage, heavy rainfall and flooding in the South.
The FDIC is encouraging banks to work constructively with borrowers who, because of the natural disaster, are experiencing difficulties beyond their control.
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.
FDIC-Supervised Banks (Commercial and Savings) in Alabama, Florida, Louisiana, Mississippi, and Tennessee