Regulatory Alerts2024-10-31 | FIL-77-2024Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Arizona Affected by the Havasupai Tribe Flooding
The Federal Deposit Insurance Corporation issued FIL-77-2024 to provide regulatory relief and facilitate recovery for financial institutions in Arizona’s Havasupai Indian Reservation following the August 2024 flooding. The guidance permits banks to constructively modify existing loans, extend repayment terms, and receive favorable Community Reinvestment Act consideration without examiner criticism. Furthermore, the agency will grant flexibility on reporting and publishing deadlines while expediting requests for temporary banking facilities.
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