CA 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

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CA 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

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551

DIVISION OF CONSUMER AND COMMUNITY AFFAIRS

CA 23-6

September 21, 2023

TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS:

SUBJECT:

Second extension of CRA consideration for community development activities in Puerto Rico and the U.S. Virgin Islands in response to 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 Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the “agencies”) are issuing the attached statement to extend the period for Community Reinvestment Act (CRA) consideration of community development activities that help to revitalize or stabilize Puerto Rico and the U.S. Virgin Islands related to Hurricane Maria. These islands were originally designated as major disaster areas due to Hurricane Maria on September 20, 2017. 1

The agencies are granting a second 36-month extension for recognizing activities that help to revitalize or stabilize Puerto Rico and the U.S. Virgin Islands. This extension follows the original period provided in the January 2018 Interagency Statement on CRA Consideration for Community Development Activities in the U.S. Virgin Islands and Puerto Rico Following Hurricane Maria (January 2018 Interagency Statement) 2 and the first extension provided in the May 2021 Interagency statement, Agencies Extend Period for CRA Consideration Given to Community Development Activities Responding to Hurricane Maria Disaster in the Puerto Rico and the U.S. Virgin Islands . 3

If supervised financial institutions have questions about the guidance set forth in this letter, they are encouraged to contact the responsible Federal Reserve Bank. In addition, questions may be sent via the Board’s public website. 4

signed by Eric S. Belsky Director Division of Consumer and Community Affairs

Attachments:

Interagency Statement: Agencies Extend Period for CRA Consideration Given to Community Development Activities Responding to Hurricane Maria Disaster in Puerto Rico and the U.S. Virgin Islands

Cross References:

CA 21-9: Extension of CRA Consideration for Community Development Activities in the U.S. Virgin Islands and Puerto Rico in Response to Hurricane Maria

CA 18-1: CRA Consideration for Community Development Activities in the U.S. Virgin Islands and Puerto Rico Following Hurricane Maria

CA 16-5: Interagency Questions and Answers Regarding Community Reinvestment

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Last Update:

September 21, 2023