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Financial Services Law Insights and Observations

FDIC encourages relief for Puerto Rico borrowers

Federal Issues Disaster Relief FDIC Consumer Finance

Federal Issues

On January 24, the FDIC issued Financial Institution Letter FIL-4-2020 to provide regulatory relief to financial institutions and help facilitate recovery in areas of Puerto Rico affected by a recent series of earthquakes. In the letter, the FDIC encourages institutions to consider, among other things, (i) extending repayment terms; (ii) restructuring existing loans; or (iii) easing terms for new loans to borrowers affected by the earthquakes. Additionally, the FDIC notes that institutions may receive Community Reinvestment Act consideration for community development loans, investments, and services in support of disaster recovery. The FDIC states it will also consider regulatory relief from certain filing and publishing requirements.

Find continuing InfoBytes coverage on disaster relief guidance here.

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