Regulatory Alerts2024-05-17 | FIL-24-2024Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Iowa Affected by Severe Storms and Tornadoes
The Federal Deposit Insurance Corporation issued regulatory relief measures for FDIC-supervised financial institutions and borrowers in eight Iowa counties affected by April 2024 severe storms and tornadoes. The agency encourages banks to extend repayment terms, restructure loans, and modify existing lending without examiner criticism while granting favorable Community Reinvestment Act consideration for related community development activities. Affected institutions may also request expedited processing for temporary banking facilities, receive extensions for income and condition reporting, and waive or modify three-day rescission periods under Regulation Z.
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