Banks operating outside of Puerto Rico and the US Virgin Islands have been handed a 36-month extension on receiving favorable consideration under the Community Reinvestment Act (CRA) regulations, courtesy of the FDIC, Federal Reserve, and OCC.
The extension, effective through September 20, 2026, comes as a result of the ongoing economic impact of Hurricane Maria in 2017, which devastated the islands.
The agencies have deemed it necessary to extend the period for giving favorable consideration to institutions that have been working tirelessly to revitalize or stabilize the affected areas.
According to the original statement issued in January 2018, activities that aid in the revitalization of Puerto Rico and the USVI will be treated consistently, providing a clear path forward for banks looking to make a positive impact.
The decision to extend the period for favorable consideration is not a new development, as the agencies previously extended the deadline in May 2021.
In a joint release, the FDIC, Federal Reserve, and OCC stated that the extension is aimed at providing relief to banks operating in the affected areas, allowing them to continue their efforts in revitalizing the community without fear of repercussions under CRA regulations.
LaJuan Williams-Young, an FDIC spokesperson, confirmed the extension, stating that the agencies are committed to supporting banks in their community development activities.
The extension is seen as a welcome relief for banks operating in the affected areas, providing them with the necessary flexibility to continue their efforts in revitalizing the community.
As the economic impact of Hurricane Maria continues to be felt, the extension of the period for favorable consideration under CRA regulations serves as a reminder of the importance of community development and the role that banks play in revitalizing affected areas.
The agencies’ decision to extend the period for favorable consideration is a testament to their commitment to supporting banks in their community development activities, and it is hoped that this extension will provide a much-needed boost to the revitalization efforts in Puerto Rico and the USVI.
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Key Facts
- Agency: FDIC
- Category: Public Corruption|White Collar Crime
- Source: Official Source â†â€â€ÂÂ
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