On January 25, 2018, the U.S. Board of Governors of the Federal Reserve System, the U.S. Office of the Comptroller of the Currency and the U.S. Federal Deposit Insurance Corporation announced that the agencies will give favorable consideration under the Community Reinvestment Act for bank activities that helped with revitalization and stabilization of the U.S. Virgin Islands and Puerto Rico, which were designated as major disaster areas because of Hurricane Maria. The agencies announced that financial institutions located anywhere in the United States, including outside of the affected areas, will receive favorable CRA consideration for their community development activities concerning affected areas and individuals, provided that the institution has been responsive to the CRA needs of its own assessment area. The agencies clarified that favorable CRA consideration will be given to institutions that aid affected areas and individuals— including those who have been displaced and relocated outside of the affected areas—regardless of census information or the personal income of the individual being assisted. The agencies did, however, note that greater weight will be given to activities that assist areas and individuals that are of low and moderate income.
The interagency statement regarding the announcement is available at: https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20180125a1.pdf.
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