Regulatory Alerts2024-05-24 | FIL-27-2024Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Texas Affected by Severe Storms, Straight-line Winds, Tornadoes, and Flooding
The Federal Deposit Insurance Corporation (FDIC) has issued regulatory relief measures to assist FDIC-supervised financial institutions in Texas following severe storms, straight-line winds, tornadoes, and flooding across seven designated counties. Institutions are encouraged to extend repayment terms, restructure loans, and make community development investments without examiner criticism or CRA penalties, while eligible borrowers may waive three-day rescission periods for principal dwelling-secured loans. Affected banks may request delayed filing and publishing deadlines, expedited approval for temporary banking facilities, and individualized evaluation of troubled debt restructurings to support long-term community recovery.
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