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Financial Services Law Insights and Observations

FDIC announces Mississippi disaster relief

Bank Regulatory Federal Issues FDIC Consumer Finance Disaster Relief Mississippi

On August 15, the FDIC issued FIL-36-2023 to provide regulatory relief to financial institutions and help facilitate recovery in areas of Mississippi affected by severe storms, straight-line winds, and tornadoes from June 14 - June 19. The FDIC acknowledged the serious impact of the inclement weather faced by affected institutions and encouraged those institutions to work with impacted borrowers to adjust and alter terms on existing loans, provided the 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 and instructed institutions to contact the Dallas Regional Office if they expect delays in making filings or are experiencing difficulties in complying with publishing or other requirements.