Regulatory Relief Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of Oregon and Washington Affected by Severe Flooding
FIL-108-2007 December 13, 2007
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 Oregon and Washington state affected by severe flooding.
Severe flooding from recent storms has caused significant property damage to areas of Oregon and Washington.
The counties of Columbia and Tillamook in Oregon and Grays Harbor and Lewis in Washington 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.
FDIC-Supervised Banks (Commercial and Savings)
in Oregon and Washington