Regulatory AlertsCA 23-6: Second Extension of CRA Consideration for Community Development Activities in Puerto Rico and the U.S. Virgin Islands in Response to Hurricane Maria
The Board of Governors of the Federal Reserve System, the FDIC, and the OCC jointly issued this guidance to extend the period for Community Reinvestment Act consideration of community development activities in Puerto Rico and the U.S. Virgin Islands. This second 36-month extension allows supervised financial institutions to receive CRA credit for efforts to revitalize or stabilize these territories following Hurricane Maria. The directive applies to all institutions supervised by the Federal Reserve, including those with total consolidated assets of $10 billion or less.
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