Regulatory Alerts2024-08-21 | FIL-58-2024Guidance to Help Financial Institutions and Facilitate Recovery in Areas of South Dakota Affected by Severe Storms, Straight-line Winds, and Flooding
The Federal Deposit Insurance Corporation (FDIC) issued regulatory relief measures to assist supervised financial institutions in South Dakota following severe storms, straight-line winds, and flooding that caused significant property damage from June 16 to July 8, 2024. The agency encourages banks to constructively modify existing loans, extend repayment terms, and stabilize municipal investments without examiner criticism, while offering favorable Community Reinvestment Act consideration for related community development activities. Additionally, the FDIC will grant flexibility regarding delayed income and condition reports, branch publishing requirements, consumer rescission periods, and expedited approvals for temporary banking facilities in the affected Davison, Lincoln, Turner, and Union Counties.