The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Alabama affected by severe storms, tornadoes, straight-line winds, and flooding.
Statement of Applicability to Institutions with Total Assets under $1 billion: This FIL applies to all FDIC-supervised financial institutions.
Severe storms, tornadoes, straight-line winds, and flooding caused significant property damage in areas of Alabama on and after April 15, 2011.
A federal disaster for selected areas in Alabama was declared on April 28, 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 Alabama