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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CA 21-9: 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 21-9
May 27, 2021
TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS:
SUBJECT:
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) 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 and the agencies are granting a 36-month extension to 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 . 2
The statement also explains that a financial institution with assessment area(s) located outside of Puerto Rico and the U.S. Virgin Islands will continue to receive consideration for community development activities that revitalize or stabilize the areas affected, as long as the institution has been responsive to the community development needs and opportunities of its assessment area(s).
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. 3
signed by Eric Belsky Director Division of Consumer and Community Affairs
Attachments:
Interagency Statement: Agencies Extend Period for Favorable CRA Consideration Given to Community Development Activities Responding to Hurricane Maria Disaster in Puerto Rico and the U.S. Virgin Islands
Cross References:
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:
May 27, 2021