Regulatory AlertsCA 18-1: CRA consideration for community development activities in the U.S. Virgin Islands and Puerto Rico following hurricane Maria
The Federal Reserve Board of Governors, FDIC, and OCC issued guidance allowing financial institutions to receive Community Reinvestment Act consideration for community development activities revitalizing or stabilizing the U.S. Virgin Islands and Puerto Rico following Hurricane Maria. This designation applies to institutions with assessment areas outside these territories, provided they remain responsive to the community development needs of their own assessment areas. The guidance clarifies that such activities include assisting people displaced by the hurricane in these designated major disaster areas.
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