FDIC Implements Regulatory Assistance Plan For Areas In Arkansas Affected by Severe Weather
Jun 19th, 2017
The Federal Deposit Insurance Corporation (FDIC) announced initiatives on June 19, 2017, to provide regulatory assistance to financial institutions in - and to facilitate the recovery of - areas in Arkansas affected by severe weather this spring.
According to Financial Institution Letter-23-2017 (FIL-23-2017), the assistance is intended for all FDIC-supervised financial institutions in areas designated "federal disaster" following storms during the period of April 26, 2017, to May 19, 2017.
The FDIC encourages banks to work constructively with borrowers experiencing difficulty beyond their control because of damage caused by the severe weather. Prudent efforts to adjust terms on existing loans in affected areas should not be subject to examiner criticism, the FIL states.
In addition, the FDIC will consider regulatory relief from certain filing and publishing requirements, and expedite requests to operate temporary banking facilities.
Financial institutions with questions should contact Joseph Meade, Assistant Regional Director of the FDIC's Dallas Regional Office, at 972-761-2068 or JMeade@fdic.gov.