Regulatory Alerts2024-05-10 | FIL-22-2024Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Ohio Affected by Tornadoes
The Federal Deposit Insurance Corporation issued regulatory relief to assist Ohio financial institutions recovering from March 2024 tornadoes by permitting flexible loan restructuring, favorable Community Reinvestment Act treatment, and delayed reporting without examiner criticism. Supervised banks may extend repayment terms, monitor affected municipal securities, and operate temporary facilities through expedited Chicago Regional Office approvals. Institutions are further encouraged to waive three-day rescission periods for distressed borrowers and contact regional offices to access targeted filing exemptions and sustained regulatory assistance.
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