Regulatory relief for banks in areas of Louisiana affected by severe storms, tornadoes, and flooding last month was announced Thursday in a Federal Deposit Insurance Corp. (FDIC) Financial Institution Letter (FIL).
The FDIC said it is encouraging banks to work constructively with affected borrowers and noted the possibility of favorable Community Reinvestment Act (CRA) consideration for steps taken to aid recovery. Regulatory relief from certain filing and publishing requirements will also be considered, it said.
The FIL (40-2021), noting the damage caused by the severe weather events May 27-21, states that a federal disaster was declared for selected areas June 2.