Financial institutions can get relief from some reporting and publishing requirements, and seek permission to set up temporary facilities, from the San Francisco regional office of the Federal Deposit Insurance Corp. (FDIC) as they deal with the impacts of the damage wrought (and continuing) in California since Jan. 7 by wildfires and straight-line winds.
“The San Francisco Regional Office will expedite any request to operate temporary banking facilities by an institution whose offices have been damaged or that desires to provide more convenient availability of services to those affected by wildfires and straight-line winds,” the agency said in a Financial Institution Letter (FIL-1-2025). “In most cases, a telephone notice to the FDIC will suffice initially. Institutions may submit necessary written notification later.”
These and other steps that are part of the FDIC’s standing disaster response program are detailed in the FIL, issued Monday.
The FDIC, in its letter, said it’s encouraging banks to work constructively with borrowers (for example, by extending repayment terms, restructuring existing loans, easing new-loan terms, etc.) experiencing difficulties beyond their control because of the fires and winds. It also reminded that banks may receive Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery.
The Federal Emergency Management Agency (FEMA) declared a federal disaster Jan. 8 for selected areas affected by the fires and winds, the FDIC letter notes, adding that FEMA may make additional designations later. A current list of designated areas and other related information is available here.
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