Regulatory relief for financial institutions serving areas of Maine and Rhode Island affected by severe storms and flooding was announced Tuesday by the federal bank deposit insurer.
The Federal Deposit Insurance Corp. (FDIC), in separate Financial Institution Letters (FIL-13-2024 and FIL-14-2024), said that federal disasters were declared March 20 for areas of Maine that experienced significant property damage from the weather events from Jan. 9-13; and areas of Rhode Island that experienced same from Dec. 17-19 and again from Jan. 9-13.
The FDIC, in the FILs, encouraged banks to work constructively with borrowers experiencing difficulties beyond their control due to these events. As it does in such situations, the agency also said banks may receive favorable Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery. The agency said it will also consider regulatory relief from certain filing and publishing requirements.
FDIC FIL-13-2024 (for Maine)
FDIC FIL-14-2024 (for Rhode Island)