Regulatory Alerts2024-05-30 | FIL-28-2024Added · Updated
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Kentucky Affected by Severe Storms, Straight-line Winds, Tornadoes, Landslides, and Mudslides
The Federal Deposit Insurance Corporation (FDIC) issued regulatory relief measures to assist Kentucky financial institutions and borrowers recovering from severe storms, straight-line winds, tornadoes, landslides, and mudslides. The agency encourages depository institutions to extend repayment terms, restructure loans, and monitor municipal investments without examiner criticism while granting favorable Community Reinvestment Act consideration for related community development activities. FDIC-supervised banks may also receive extensions for income and condition reports, expedited approvals for temporary banking facilities, and waived publishing requirements for affected branches in designated Kentucky counties.
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