Regulatory AlertsCA 21-9: 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 issued a joint statement extending the period for favorable Community Reinvestment Act consideration for community development activities in Puerto Rico and the U.S. Virgin Islands. This 36-month extension applies to activities related to Hurricane Maria, which was originally designated a major disaster in September 2017. Financial institutions with assessment areas outside these territories will continue to receive credit for such activities provided they remain responsive to the needs of their own communities.
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