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Financial Services Law Insights and Observations

FDIC announces Puerto Rico disaster relief

Bank Regulatory Federal Issues Disaster Relief Mortgages FDIC Consumer Finance Puerto Rico

On April 5, the FDIC issued FIL-15-2022 to provide regulatory relief to financial institutions and facilitate recovery in areas of Puerto Rico affected by severe storms, flooding and landslides. The FDIC acknowledged the unusual circumstances faced by institutions and their customers affected by the weather and suggested that institutions work with impacted borrowers to, among other things, (i) extend repayment terms; (ii) restructure existing loans; or (iii) ease terms for new loans, so long as these measures are done “in a manner consistent with sound banking practices.” Additionally, the FDIC noted that institutions “may receive favorable Community Reinvestment Act consideration for community development loans, investments, and services in support of disaster recovery.” The FDIC will also consider regulatory relief from certain filing and publishing requirements.