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Financial Institution Letters

Regulatory Relief
Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of Alabama, Mississippi, Louisiana and Texas Affected by Hurricane Gustav 		FIL-87-2008
September 3, 2008


Summary: The Federal Deposit Insurance Corporation (FDIC) has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Alabama, Mississippi, Louisiana and Texas affected by Hurricane Gustav.

Highlights:

  • A federal disaster was declared on August 29, 2008, for Louisiana and selected counties in Texas.
  • A federal disaster was declared on August 30, 2008, for all counties in Alabama and Mississippi.
  • The FDIC is encouraging banks to work constructively with borrowers who are experiencing difficulties beyond their control because of damage caused by the hurricane.
  • Extending repayment terms, restructuring existing loans or easing terms for new loans, if done in a manner consistent with sound banking practices, can contribute to the health of the community and serve the long-term interests of the lending institution.
  • The FDIC will also consider regulatory relief from certain filing and publishing requirements.
  • Bankers and consumers who have questions related to the hurricane may call the FDIC toll- free at 1-877-ASK-FDIC, which is 1-877-275- 3342.

Distribution:
FDIC-Supervised Banks (Commercial and Savings)
in Alabama, Mississippi, Louisiana and Texas

Suggested Routing:
Chief Executive Officer
Compliance Officer
Chief Lending Officer

Related Topics:
Lending
Investments
Publishing Requirements
Consumer Laws
Katrina Guidance (http://www.ffiec.gov/katrina.htm
http://www.fdic.gov/news/news/financial/2006/fil06012.html)

Attachment:
Supervisory Practices Regarding Depository
Institutions and Borrowers in Areas Affected by
Hurricane Gustav in Alabama, Mississippi,
Louisiana and Texas

Contact:
For Alabama, Assistant Regional Director David
Crumby at (678) 916-2173 or dcrumby@fdic.gov.
For Mississippi, Louisiana and Texas, Assistant
Regional Director Wayne Nichols at (901) 821-
5203 or wnichols@fdic.gov.

Printable Format:
FIL-87-2008 - PDF (PDF Help)

Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2008/index.html.

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562- 2200).

Last Updated 9/3/2008 communications@fdic.gov