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Banking Regulations Offer Relief for Northern Mariana Islands After Super Typhoon Yutu

The Federal Deposit Insurance Corporation (FDIC) has announced measures to provide regulatory relief to financial institutions and facilitate recovery efforts in areas of the Northern Mariana Islands affected by Super Typhoon Yutu.

FDIC Encourages Prudent Efforts to Work with Borrowers

According to the FDIC, the severe weather event caused significant property damage across Rota, Saipan, Tinian, and the Northern Islands municipalities. In response, the agency is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control due to the disaster.

“Prudent efforts to adjust or alter terms on existing loans in affected areas should not be subject to examiner criticism,” said the FDIC. “The agency recognizes that efforts to work with borrowers in communities under stress can be consistent with safe-and-sound banking practices as well as in the public interest.”

Community Recovery Efforts Supported

To support community recovery, banks may receive favorable consideration for Community Reinvestment Act (CRA) loans, investments, and services that revitalize or stabilize federally designated disaster areas.

Regulatory Relief Measures

Additionally, the FDIC will consider regulatory relief from certain filing and publishing requirements, including:

  • Delays in reporting income and condition
  • Expedited requests to operate temporary banking facilities by institutions whose offices have been damaged or that desire to provide more convenient availability of services to those affected by severe weather.

Key Highlights

  • The FDIC has announced measures to provide regulatory relief to financial institutions affected by Super Typhoon Yutu.
  • Banks are encouraged to work constructively with borrowers experiencing difficulties due to the disaster.
  • Financial institutions may receive favorable CRA consideration for community development loans, investments, and services that support disaster recovery.
  • The FDIC will consider regulatory relief from certain filing and publishing requirements.
  • Temporary banking facilities can be expedited by the San Francisco Regional Office.