Regulatory Alerts2024-03-20 | FIL-10-2024Guidance to Help Financial Institutions and Facilitate Recovery in an Area of Alaska Affected by a Severe Storm, Landslides, and Mudslides
The Federal Deposit Insurance Corporation issued regulatory relief measures to assist supervised financial institutions and borrowers in Alaska following a severe storm, landslides, and mudslides that caused significant property damage. Institutions may extend repayment terms, restructure loans, and receive favorable Community Reinvestment Act consideration while benefiting from relaxed filing, publishing, and consumer rescission requirements. The agency will evaluate delays in reporting and expedite requests for temporary banking facilities, ensuring that prudent loan modifications and local government investment monitoring remain consistent with safe-and-sound banking practices.
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