Can a bank receive consideration for activities related to the COVID-19 emergency and that are conducted on a nationwide basis?
The COVID-19 emergency has had a significant health and economic impact that extends beyond many banks’ assessment areas. Banks that are responsive to community development needs and opportunities in their assessment areas will receive favorable consideration for community development activities located in a broader statewide or regional area that includes the banks’ CRA assessment area(s). Banks that are responsive to needs and opportunities in the broader statewide or regional areas that include bank assessment areas may also receive consideration for activities outside those broader statewide or regional areas provided that those activities help to revitalize or stabilize COVID-19 designated disaster areas by protecting public health and safety as described in the Response to Question 1. Activities that benefit low- or moderate-income individuals or geographies, distressed or underserved nonmetropolitan middle-income geographies, or small businesses and small farms will be considered particularly responsive.
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.