Regulatory Relief Guidance to Help Financial Institutions and to Facilitate Recovery In Areas of Missouri Affected by Severe Storms and Flooding
FIL-25-2008 March 27, 2008
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 Missouri affected by recent severe storms and flooding.
A Major Disaster Declaration has been issued for the following areas of Missouri due to severe flooding: Audrain, Barry, Barton, Boone, Bollinger, Butler, Callaway, Camden, Cape Girardeau, Carter, Cedar, Christian, Cole, Cooper, Crawford, Dade, Dallas, Dent, Douglas, Dunklin, Franklin, Gasconade, Greene, Hickory, Howard, Howell, Iron, Jasper, Jefferson, Laclede, Lawrence, Lincoln, Madison, Maries, McDonald, Miller, Mississippi, Montgomery, Moniteau, Morgan, New Madrid, Newton, Oregon, Osage, Ozark, Pemiscot, Perry, Phelps, Pike, Polk, Pulaski, Reynolds, Ripley, St. Charles, St. Clair, St. Francois, St. Louis, Ste. Genevieve, Shannon, Scott, Stoddard, Stone, Taney, Texas, Vernon, Warren, Washington, Wayne, Webster, and Wright counties, and in the independent city of St. Louis.
Individuals and households in these areas 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)