Eased regulatory requirements for banks serving areas hit by storms last month in Alaska and this June in Minnesota were announced Thursday by the Federal Deposit Insurance Corp. (FDIC).
In two Financial Institution Letters (FILs), the FDIC pointed to the “significant property damage” caused by severe storms, flooding, and remnants of Typhoon Halong from Oct. 8-13 in Alaska; and by severe storms and straight-line winds June 21 in the area of Leech Lake Indian Reservation (Leech Lake Band of Ojibwe) in Minnesota.
In both letters, the agency encouraged financial institutions to work constructively with borrowers experiencing difficulties beyond their control because of the damage.
It noted, among other things, the possibility of favorable Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery; and possible regulatory relief from certain filing and publishing requirements.
FDIC FIL-51-2025 (Alaska)
FDIC FIL-50-2025 (Minnesota)
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