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.
Skip to main content
An official website of the United States Government Official websites use .gov A .gov website belongs to an official government organization in the United States. Secure .gov websites use HTTPS A lock ( ) or https:// means you've safely connected to the .gov website. Share sensitive information only on official, secure websites.
Sections
Search
Search Submit Button
Consumer Affairs Letters
Share
?body=https://www.federalreserve.gov/supervisionreg/caletters/caltr1801.htm&subject=CA 18-1
RSS
CA 18-1: CRA consideration for community development activities in the U.S. Virgin Islands and Puerto Rico following hurricane Maria
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551
DIVISION OF CONSUMER AND COMMUNITY AFFAIRS
CA 18-1
January 25, 2018
TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS
SUBJECT:
CRA consideration for community development activities in the U.S. Virgin Islands and Puerto Rico following hurricane Maria
Applicability to Community Banking Organizations: This guidance applies to all institutions supervised by the Federal Reserve, including those with total consolidated assets of $10 billion or less.
The Federal Reserve Board of Governors, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (OCC) issued the attached statement about the consideration of community development activities that help to revitalize or stabilize the U.S. Virgin Islands and Puerto Rico following Hurricane Maria under the Community Reinvestment Act. These islands have been designated major disaster areas by the President due to Hurricane Maria. 1 The statement explains that a financial institution with assessment area(s) located outside the U.S. Virgin Islands and Puerto Rico will receive consideration for community development activities that revitalize or stabilize the areas affected and activities that assist people displaced by the hurricane, as long as the institution has been responsive to the community development needs and opportunities of its assessment area(s).
Questions about this guidance should be directed to Cathy Gates, Senior Project Manager, at 202-452-2099; or Theresa Stark, Senior Project Manager, at (202) 452-2302 in the Division of Consumer and Community Affairs. In addition, questions may be sent via the Board's public website. 2
signed by Eric S. Belsky Director Division of Consumer and Community Affairs
Attachments:
Interagency Statement on CRA Consideration for Community Development Activities in the U.S. Virgin Islands and Puerto Rico Following Hurricane Maria
Cross References:
CA 16-05 Interagency Questions and Answers Regarding Community Reinvestment
Notes:
U.S. Virgin Islands Hurricane Maria (DR 4340) and Puerto Rico Hurricane Maria (DR 4339) , respectively. Return to text
See http://www.federalreserve.gov/apps/contactus/feedback.aspx . Return to text
Back to Top
Last Update:
January 26, 2018