Regulatory Alerts2020-03-19
Joint Statement on CRA Consideration for Activities in Response to COVID-19
The Federal Reserve, FDIC, and OCC issued a joint statement encouraging financial institutions to support customers and communities affected by the coronavirus. The agencies will favorably consider Community Reinvestment Act assessments for retail banking activities and community development initiatives that assist low- and moderate-income individuals, small businesses, and farms. These qualifying actions include waiving fees, offering payment accommodations, and providing services related to digital access, healthcare, and food supplies.
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