FDIC encourages relief for Alabama borrowers

Federal Issues FDIC Disaster Relief CRA Consumer Finance

On March 7, the FDIC issued Financial Institution Letter FIL-11-2019 to provide regulatory relief to financial institutions and help facilitate recovery in areas of Alabama affected by severe weather since March 3 through the present. The FDIC is encouraging institutions to consider, among other things, extending repayment terms and restructuring existing loans to borrowers affected by the severe weather. Additionally, the FDIC notes that institutions may receive favorable Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery.

Find continuing InfoBytes coverage on disaster relief here.