Regulatory Relief Guidance to Help Financial Institutions and to Facilitate Recovery in Curry County and Quay County, New Mexico

GuidanceFederal Deposit Insurance Corporation (FDIC)Disaster Recovery / Business Continuity

The Federal Deposit Insurance Corporation (FDIC) has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in counties most affected by recent severe storms and tornadoes in eastern New Mexico.

Highlights: * Severe storms and tornadoes that occurred on March 23 and 24 have resulted in significant damage in Curry County and Quay County, New Mexico. * Curry County and Quay Country were declared Federal Disaster Areas on April 2. * The FDIC is encouraging banks to work constructively with borrowers who are experiencing difficulties beyond their control because of damage caused by the storms. * Extending repayment terms, restructuring existing loans or easing terms for new loans, if done in a manner consistent with sound banking practices, can contribute to the health of the community and serve the long-term interests of the lending institution. * The FDIC will also consider regulatory relief from certain filing and publishing requirements for banks in the affected areas.

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