Regulatory Alerts2024-05-30 | FIL-30-2024Added · Updated
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of West Virginia Affected by Severe Storms, Straight-line Winds, Tornadoes, Flooding, Landslides, and Mudslides
The Federal Deposit Insurance Corporation (FDIC) has issued regulatory relief measures for supervised financial institutions operating in West Virginia counties severely impacted by recent storms, flooding, and landslides. Institutions may extend loan terms, restructure debt, and receive favorable Community Reinvestment Act consideration while benefiting from flexible reporting, publishing, and consumer rescission requirements. The FDIC encourages constructive borrower engagement and expedited approval for temporary banking facilities to ensure continuous community service during the recovery period.
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