Joint Release/Agencies to Give Favorable Community Reinvestment Act Consideration to Revitalization Activities in Disaster Areas Affected by Hurricane Maria — 2018-01-25

Agencies to Give Favorable Community Reinvestment Act Consideration to Revitalization Activities in Disaster Areas Affected by Hurricane Maria WASHINGTON—The federal bank regulatory agencies today announced they will give favorable consideration under Community Reinvestment Act (CRA) regulations to institutions that are located outside of the U.S. Virgin Islands and Puerto Rico, which were designated as major disaster areas in the aftermath of Hurricane Maria, for bank activities that help to revitalize or stabilize these areas. The CRA encourages financial institutions to help meet local credit and community development needs. The agencies give CRA consideration for bank activities such as loans, investments, or services with a primary purpose of community development. Widespread devastation from Hurricane Maria occurred in areas that are not connected to the U.S. mainland, and the resulting economic impact and other effects may extend to other parts of the United States.