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Iowa storm-related relief
FDIC FIL-81-2020 provides guidance concerning steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Iowa affected by severe storms on or about August 10, 2020.
A federal disaster for selected areas in Iowa was declared on August 17, 2020. Additional designations may be made after damage assessments are completed in the affected areas. A current list of designated areas is available at www.fema.gov.
The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the severe weather. 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 local community and serve the long-term interests of the lending institution.
Banks may receive favorable Community Reinvestment Act consideration for community development loans, investments, and services in support of disaster recovery. The FDIC also will consider regulatory relief from certain filing and publishing requirements