Regulatory Alerts2024-05-03 | FIL-20-2024Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Oklahoma Affected by Severe Storms, Straight-line Winds, Tornadoes, and Flooding
The Federal Deposit Insurance Corporation (FDIC) issued regulatory relief measures for supervised financial institutions and borrowers in Oklahoma’s Hughes, Love, and Murray Counties following severe storms, straight-line winds, tornadoes, and flooding. Institutions may extend repayment terms, restructure loans, and receive favorable Community Reinvestment Act consideration while benefiting from relaxed reporting, publishing, and consumer rescission requirements. The FDIC will evaluate disaster-related delays beyond an institution’s control, expedite requests for temporary banking facilities, and ensure that prudent loan modifications align with safe-and-sound banking practices.
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