Two letters to financial institutions were issued Tuesday to detail the measures in place to help financial institutions working in areas of Florida affected by this month’s Hurricane Milton and those in Arizona affected by the San Carlos Apache Tribe Watch Fire in July.
The Federal Deposit Insurance Corp. (FDIC), in both letters, said institutions are encouraged to work constructively with borrowers having difficulties beyond their control. As part of this typical response to area disasters, the agency said banks “may receive favorable Community Reinvestment Act consideration for community development loans, investments, and services in support of disaster recovery.”
The Federal Emergency Management Agency (FEMA) declared a federal disaster for selected Hurricane Milton-affected areas in Florida on Oct. 11. It declared a federal disaster for selected Watch Fire-affected areas in Arizona on Oct. 4.
FIL-74-2024 (Hurricane Milton)
FIL-73-2024 (San Carlos Apache Tribe Watch Fire)
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