Banks in areas of Florida, Georgia, North Carolina, and South Carolina ravaged by high winds and flooding caused by Hurricane Helene were Tuesday offered regulatory relief to help them help their communities recover.
The Federal Deposit Insurance Corp. (FDIC) said the cyclone caused significant property damage in the states on Sept. 23 and continuing. “The Federal Emergency Management Agency (FEMA) declared a federal disaster for selected areas affected in Florida, Georgia, North Carolina, and South Carolina on Sept. 28 and 29, 2024,” the agency said in a release. “FEMA may make additional designations after damage assessments are completed in the affected areas.”
The agency said it was providing typical regulatory relief for banks in affected areas in the wake of the storm systems. That is: Banks in the areas affected by the storms are encouraged to work constructively with borrowers having difficulties beyond their control because of damage caused by severe storms, winds and flooding.
Additionally, the FDIC said banks in the areas may receive favorable Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery; and that it will also consider regulatory relief from certain filing and publishing requirements for banks in the affected areas.