The federal bank regulatory agencies today announced they are extending the period for giving favorable consideration under Community Reinvestment Act (CRA) regulations to institutions located outside of Puerto Rico and the U.S. Virgin Islands, for bank activities that continue to help revitalize or stabilize these areas devastated by Hurricane Maria (the “Hurricane”).
The agencies have determined that a 36-month extension through September 20, 2023, is appropriate given the continuing economic impact of the Hurricane in Puerto Rico and the U.S. Virgin Islands.
Activities that help to revitalize or stabilize Puerto Rico and the U.S. Virgin Islands will be treated consistently with the agencies’ original Interagency Statement on CRA Consideration for Community Development Activities in the U.S. Virgin Islands and Puerto Rico Following Hurricane Maria, issued January 25, 2018, and, as applicable, OCC Bulletin 2020-99, “Community Reinvestment Act: Key Provisions of the June 2020 CRA Rule and Frequently Asked Questions.”
The interagency statement is attached.