Community Bankers Association of Illinois

CBAI Urges Flood-Related Regulatory Relief


In a letter addressed to federal and Illinois bank regulators, the Community Bankers Association of Illinois ("CBAI") is seeking appropriate regulatory relief for financial institutions and their customers who are victims of flooding along the Mississippi River and other waterways in Illinois. The letter was sent to the Illinois Department of Financial and Professional Regulation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the Federal Deposit Insurance Corporation.

"In response to previous natural diasters, the regulatory agencies have demonstrated a willingness to work with financial institutions and to allow financial institutions to work with their borrowers," said CBAI President Bob Wingert. "It is in everyone's interests to take these special circumstances into account and to offer reasonable accommodations to affected financial institutions and customers."

Potential regulatory relief proposals cited by CBAI include permitting temporary branches at which personal banking services could be more accessible to customers, granting extensions of filing or reporting deadlines so that bankers could concentrate their time and efforts on flood-related priorities, and relaxing normal credit review standards for borrowers who may need additional time to recover from the effects of the flood on their crops or businesses.

If your financial institution has specific requests or ideas for regulatory relief that would reasonably accommodate the financial institution or its flood-affected customers, you can contact CBAI General Counsel Jerry Cavanaugh by telephone (1-800-736-2224 from within Illinois or 217-529-2265) or by e-mail at jerryc@cbai.com.

To see CBAI's letter to the bank regulators, click here.
  800.736.2224 (IL) | 217.529.2265  
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