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FDIC guidance - California wildfires relief
In FIL-85-2020, The FDIC has announced steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of California affected by wildfires that began August 14 and are continuing.
- The Federal Emergency Management Agency (FEMA) declared a federal disaster for selected areas affected in California on August 22, 2020. FEMA may make additional designations 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 wildfires.
- Banks that extend repayment terms, restructure existing loans, or ease terms for new loans 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.