Agencies extend favorable Community Reinvestment Act consideration of revitalization activities in certain disaster areas affected by Hurricane Maria
EDT
The federal bank regulatory agencies today announced they
are extending the period for giving favorable consideration under
their 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 agencies have
determined that a 36-month extension through September 20, 2026 is
appropriate given the continuing economic impact of Hurricane Maria
from September 2017 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 statement, which was issued in January 2018. The
agencies previously extended the period for giving favorable
consideration in May 2021. Last Update: September 20, 2023