Relief deployed for banks affected by WA wildfires

Regulatory relief for financial institutions in areas of Washington affected by August’s wildfires was announced Monday in a Financial Institution Letter (FIL) from the Federal Deposit Insurance Corp. (FDIC).

The letter follows the Feb. 15 declaration by the Federal Emergency Management Agency (FEMA) of a federal disaster for selected areas affected.

The FDIC said the wildfires caused significant property damage from Aug. 18-25 of last year.

The relief offered includes, among other things, possible Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery, the agency said.

FDIC FIL-8-2024