Regulatory Alerts2024-07-31 | FIL-50-2024Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Missouri Affected by Severe Storms, Straight-line Winds, Tornadoes, and Flooding
The Federal Deposit Insurance Corporation (FDIC) issued this guidance to provide regulatory relief and facilitate recovery for Missouri financial institutions affected by severe storms, straight-line winds, tornadoes, and flooding. The agency encourages banks to constructively adjust existing loan terms, restructure debt, and monitor municipal investments without examiner criticism while offering favorable Community Reinvestment Act consideration for related community development activities. Additionally, the FDIC will grant extensions for income and condition reports, expedite temporary banking facility requests, waive or modify rescission periods under Regulation Z, and relax certain publishing requirements for branch operations in the designated counties.