The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of North Carolina affected by severe storms, tornadoes, and flooding.
Statement of Applicability to Institutions with Total Assets under $1 billion: This Financial Institution Letter applies to all FDIC-supervised financial institutions.
Severe storms, tornadoes, and flooding caused significant property damage in areas of North Carolina on April 16, 2011.
A federal disaster for selected areas in North Carolina was declared on April 19, 2011.
The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the severe weather.
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 also will consider regulatory relief from certain filing and publishing requirements.
FDIC-Supervised Banks (Commercial and Savings) in North Carolina