FDIC deploys disaster relief measures in WV areas affected by severe storms

Flexibility to work with borrowers affected by severe storms in West Virginia from Feb. 27 through March 4 is among the relief measures the federal bank deposit insurer is offering to banks to help facilitate recovery, according to a Financial Institution Letter (FIL) issued by the agency Tuesday.

The letter, FIL-38-2021, from the Federal Deposit Insurance Corp. (FDIC) also extends the prospect of favorable Community Reinvestment Act (CRA) consideration, eased filing and publishing requirements, and speedier consideration of affected banks’ requests to set up temporary facilities.

The FIL notes that the Federal Emergency Management Agency (FEMA) declared a federal disaster for selected areas affected in West Virginia May 21. It said FEMA may make additional designations after damage assessments are completed.

FDIC FIL-38-2021