Banks in areas of Wisconsin, South Dakota affected by storms, flooding extended reg help

Supervisory relief to help banks in areas of Wisconsin and South Dakota affected recent storms has been extended by the federal insurer of bank deposits, the agency said in separate releases Tuesday.

In Wisconsin, the Federal Deposit Insurance Corp. (FDIC) said the relief was due after severe storms during Aug. 9-12 that left damage from straight-line winds, flooding, and mudslides.

In South Dakota, specifically the Sisseton-Wahpeton Oyate of the Lake Traverse Reservation, the agency cited severe storms and flooding occurring on Sept. 11.

In both cases, the agency said:

• The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage in affected areas .
• Institutions 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.
• Institutions may receive favorable Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery.
• It will also consider regulatory relief from certain filing and publishing requirements.

Supervisory Relief to Help Financial Institutions and Facilitate Recovery in Areas of Wisconsin Affected by Severe Storms, Straight-line Winds, Flooding, and Mudslides

Supervisory Relief to Help Financial Institutions and Facilitate Recovery for the Sisseton- Wahpeton Oyate of the Lake Traverse Reservation in South Dakota Affected by Severe Storm and Flooding