Reg relief deployed for banks affected by severe storms, flooding in IL

The federal bank deposit insurer on Friday announced regulatory relief measures for banks in areas of Illinois affected by severe storms and flooding that occurred from June 29 through July 2.

The Federal Deposit Insurance Corp. (FDIC) said it encourages banks to work constructively with borrowers experiencing difficulties beyond their control because of the damage caused by the storms and flooding. It also reminded that banks may receive favorable Community Reinvestment Act consideration for community development loans, investments, and services in support of disaster recovery.

The FDIC, in a Financial Institution Letter (FIL-43-2023), also noted potential relief from certain filing and publishing requirements.

FDIC FIL-43-2023