Regulatory Alerts2024-09-25 | FIL-66-2024Added · Updated
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Illinois Affected by Severe Storms, Tornadoes, Straight-line Winds, and Flooding
The Federal Deposit Insurance Corporation issued regulatory relief measures to assist financial institutions operating in Illinois counties impacted by severe storms, tornadoes, straight-line winds, and flooding. The guidance encourages constructive lending practices, loan restructuring, and favorable Community Reinvestment Act consideration while extending certain filing, publishing, and reporting deadlines. Additionally, the FDIC will expedite requests for temporary banking facilities and evaluate troubled debt restructurings individually to support long-term community recovery.