FDIC Encourages Help for those Impacted by Storms

September 18, 2017

On Monday, September 18, 2017, the FDIC released a Financial Institution Letter encouraging depository institutions to consider all reasonable and prudent steps to assist customers in communities affected by recent storms. The agency recognized efforts to work with borrowers in impacted communities can be consistent with safe-and-sound banking practices and in the public interest.  The FDIC's release included a Statement of Applicability to Institutions Under $1 Billion in Total Assets, stating the Financial Institution Letter applied to all FDIC-supervised institutions, including community banks.  It also outlines the distribution applied to FDIC-Supervised Banks (Commercial and Savings) in St. John and St. Thomas islands of the U.S. Virgin Islands, The Commonwealth of Puerto Rico, and Florida.