Certain regulatory relief measures to help financial institutions and facilitate recovery in areas of South Dakota affected by severe storms, straight-line winds, and flooding were announced by the Federal Deposit Insurance Corp. (FDIC) Wednesday in a financial institution letter.
Pointing to the storm activity that occurred from June 16 to July 8, the FDIC deployed its usual disaster response relief by encouraging banks to work constructively with borrowers experiencing difficulties beyond their control. It noted the possibility of Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery and said the agency would also consider regulatory relief from certain filing and publishing requirements.
The FDIC on Friday also issued a similar letter targeting institutions working to help in areas of Florida affected by Hurricane Debby.
FDIC FIL-58-2024 (South Dakota)
FDIC FIL-57-2024 (Florida)