Regulatory Alerts2024-06-12 | FIL-33-2024Added · Updated
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Mississippi Affected by Severe Storms, Straight-line Winds, Tornadoes, and Flooding
The Federal Deposit Insurance Corporation (FDIC) has issued regulatory relief measures to assist supervised financial institutions operating in Mississippi counties severely impacted by recent storms, straight-line winds, tornadoes, and flooding. The agency encourages banks to proactively restructure loans, extend repayment terms, and monitor municipal investments without facing examiner criticism, while offering favorable Community Reinvestment Act consideration for related community development activities. Additionally, the FDIC will grant extensions for income and condition reports, expedite requests for temporary banking facilities, and waive certain publishing requirements to ensure uninterrupted service delivery during the recovery period.
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