Regulatory Alerts2024-11-05 | FIL-78-2024Guidance to Help Financial Institutions and Facilitate Recovery in Areas of South Dakota Affected by the Cheyenne River Sioux Tribe Severe Storm, Straight-line Winds, and Flooding
The Federal Deposit Insurance Corporation (FDIC) has issued regulatory relief measures to assist financial institutions and borrowers in South Dakota’s Cheyenne River Indian Reservation following severe storms, straight-line winds, and flooding. The agency encourages banks to extend repayment terms, restructure loans, and make community development investments without examiner criticism or CRA penalties. Affected institutions may also request delayed reporting, expedited publishing compliance for branch closures or temporary facilities, and waived rescission periods under Regulation Z.
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