CRA COVID FAQ 2: Length of Consideration for Responsive Activities

Question 2

How long will the agencies grant consideration for activities that revitalize or stabilize COVID-19 designated disaster areas?

Response 2

The March 19, 2020, Joint Statement(3) indicates that it is effective through the six-month period after the national emergency declaration is lifted, unless extended by the agencies. With specific reference to COVID-19 related revitalization and stabilization activities needed to help protect public health and safety during the health emergency, as FEMA has issued the major disaster declarations described in the Response to Question 1 the agencies believe that a time period of six months after any particular disaster declaration is lifted is an appropriate time period for consideration of such activities.

(3) https://www.federalreserve.gov/supervisionreg/caletters/CA%2020-4%20Attachment.pdf;https://www.fdic.gov/news/news/financial/2020/fil20019a.pdf; https://occ.gov/news- issuances/bulletins/2020/bulletin-2020-19.html


Originally published in the “Community Reinvestment Act (CRA) Consideration for Activities in Response to the Coronavirus Pandemic Frequently Asked Questions (FAQs)” on May 27, 2020 and updated on March 8, 2021 by the Board of Govenors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency.

Last modified June 25, 2023