FDIC issues relief guidance for banks serving tribes in Arizona, Montana affected by severe weather
The FDIC has released guidance with steps intended to provide regulatory relief to financial institutions and facilitate recovery in the areas San Carlos Apache Indian Reservation in Arizona affected by strong storms and floods. It also published guidelines for serving institutions the Fort Peck Indian Reservation and the Crow Tribe Indian Reservationboth in Montana, which were hit by severe winter weather last year.
The agency encouraged banks in the affected areas to work constructively with borrowers struggling due to the bad weather, including extending repayment terms, restructuring existing loans or easing conditions for new loans. The agency said banks could receive favorable compensation under the Community Reinvestment Act for community development loans, investments and services to support disaster recovery. The FDIC will also consider regulatory exemptions from certain filing and disclosure requirements.
