Banks in areas of South Carolina affected by Hurricane Ian in late September to early October are being offered some regulatory relief to help their communities recover from the storm, the federal insurer of bank deposits said Friday.
In a release, the Federal Deposit Insurance Corp. (FDIC) said the Federal Emergency Management Agency (FEMA) declared on Nov. 21 a federal disaster for selected areas affected by the storm. FDIC said it is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by Hurricane Ian.
That includes, the agency said:
- Banks that extend repayment terms, restructure existing loans, or ease terms for new loans in a manner consistent with sound banking practices can contribute to the health of the local community and serve the long-term interests of the lending institution.
- Banks may receive favorable Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery.
- The FDIC also will consider regulatory relief from certain filing and publishing requirements.