The Federal Deposit Insurance Corp. will prioritize requests for temporary office space and waive certain document-filing rules for Texas and Oklahoma banks affected by recent storms.
The FDIC will consider approving delays for filing income and condition reports, if banks contact the Dallas regional office. Banks are also allowed to file late notices of bank closings or relocations.
Additionally, the FDIC said that it will expedite requests for temporary facilities for banks that experienced damage to branches.
The guidance was included in letters issued on May 28 and on Monday.
Texas and Oklahoma were slammed by violent storms last month, which caused major flooding and tornadoes. BBVA Compass today estimated that the storms will have an economic impact in the Houston area of between $200 million and $550 million.
Several Texas and Oklahoma banks contacted this week by American Banker had not reported damage from the storms.
"We've reached out to our member banks, and a few non-members as well, in the areas affected by the flooding and none of them were impacted," said Lindsey Gehrig, a spokeswoman at the Independent Bankers Association of Texas.
The Texas Bankers Association had not received reports of specific damage to banks, a spokeswoman said.
Some banks have provided support for relief efforts. Bank of America, Wells Fargo and BBVA Compass have donated a combined $350,000 to the American Red Cross. The first two banks also donated $275,000 to other charities in the region.
These banks and others have also set up assistance programs for consumers affected by the severe weather, ranging from waived credit card and loan fees to special rates for new loans.