The federal bank deposit insurer on Friday issued a letter detailing regulatory relief for financial institutions in areas of Oklahoma affected by a severe storm, tornadoes, and flooding.
Financial Institution Letter (FIL-31-2022) issued by the Federal Deposit Insurance Corp. (FDIC) notes the severe weather events that caused significant property damage in areas of Oklahoma between May 2-8, and for which the Federal Emergency Management Agency (FEMA) declared a federal disaster on June 29.
The FDIC said, among other things, that it is encouraging banks to work with borrowers experiencing difficulties and noted the availability of Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery.