Regulatory Relief Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of Southern Texas Affected by Hurricane Dolly
FIL-72-2008 August 4, 2008
The Federal Deposit Insurance Corporation has announced a series of steps intended to facilitate the rebuilding process in areas of southern Texas damaged by Hurricane Dolly and associated severe storms.
Hurricane Dolly and associated severe storms have resulted in wind damage, heavy rainfall and flooding in southern Texas.
Individual disaster assistance is available in the Texas counties of Cameron, Hidalgo, and Willacy. Other counties may be eligible for state disaster assistance.
The FDIC is encouraging banks to work constructively with borrowers who are experiencing difficulties beyond their control because of damage caused by Hurricane Dolly and associated storms.
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 Texas