Agencies to Give CRA Consideration for Activities Related to Coronavirus

Posted: Mar 20 2020

The federal banking agencies announced that they will give favorable Community Reinvestment Act consideration to banks for retail banking, retail lending and community development activities related to the coronavirus pandemic. This favorable consideration will be available for at least six months after the national emergency declaration is lifted.

The favorable consideration will extend to retail banking and lending activities in a bank’s assessment areas that are responsive to the needs of low- and moderate-income individuals, small businesses and small farms affected by the pandemic.

Banks will also receive CRA consideration for community development activities targeting LMI areas (or for services targeted to LMI individuals) and distressed and underserved rural middle-income areas. Banks may receive consideration for community development activities related to the pandemic outside their assessment areas provided they are responsive to community development needs in their own areas.

To read more visit: https://www.fdic.gov/news/news/financial/2020/fil20019.html