Oklahoma Bankers Association We make bankers better!
The FDIC released guidance in mid-June with steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Oklahoma affected by recent severe storms and tornadoes.
The agency encouraged banks in affected areas to work constructively with borrowers experiencing difficulties due to the severe weather, including extending repayment terms, restructuring existing loans or easing terms for new loans. The agency also said it would consider relief from certain filing and publishing requirements.
The guidance refers to damage from severe storms, straight-line winds, tornadoes and flooding in areas of Oklahoma from May 19-28 in Blaine, Caddo, Custer, Delaware, Jackson, Mayes, Muskogee, and Rogers counties.
The Federal Emergency Management Agency declared a federal disaster for selected areas affected in Oklahoma on June 14. 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.