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Highlights:
- Major wild fires have caused significant property damage to areas of California.
- The counties of Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara and Ventura have been declared federal disaster areas.
- The FDIC is encouraging financial institutions to work constructively with borrowers who are experiencing difficulties beyond their control because of damage caused by fires.
- 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.
Distribution:
FDIC-Supervised Banks (Commercial and Savings)
in California
Suggested Routing:
Chief Executive Officer
Compliance Officer
Chief Lending Officer
Related Topics:
Lending
Investments
Publishing Requirements
Consumer Laws
Attachment:
Supervisory Practices Regarding Depository
Institutions and Borrowers Affected by Fire
Damage in California
Contact:
Case Manager Debra Rhodes at (415) 808-8060 or
DRhodes@fdic.gov or Case Manager P. Bonn
Phillips at (415) 808-8055 or PPhillips@fdic.gov
Printable Format:
FIL-93-2007 - PDF (PDF Help)
Note:
FDIC financial institution letters (FILs) may be
accessed from the FDIC's Web site at
www.fdic.gov/news/news/financial/2007/index.html.
To receive FILs electronically, please visit
http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters
may be obtained through the FDIC's Public
Information Center, 3501 Fairfax Drive, E-1002,
Arlington, VA 22226 (1-877-275-3342 or 703-562-
2200).
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