The federal bank deposit insurer has activated disaster-related regulatory relief measures for banks in areas of Indiana affected by severe storms, straight-line winds, and tornadoes.
The Federal Deposit Insurance Corp. (FDIC) issued a Financial Institution Letter (FIL) on Friday addressing the impacts of the severe weather events that caused significant property damage from March 31 to April 1. It’s encouraging banks to work constructively with borrowers experiencing problems beyond their control because of those events.
It reminded that banks may receive favorable Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery.