Agencies Extend Favorable Community Reinvestment Act Consideration of Revitalization Activities in Certain Disaster Areas Affected by Hurricane Maria
September 20, 2023 / Source: FDIC
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 agenciesā originalĀ statement, which was issued in January 2018. The agencies previously extended the period for giving favorable consideration in May 2021.
FDIC: PR-75-2023