FDIC Extends CRA Consideration for Disaster Areas Hit by Maria

The Federal Deposit Insurance Corporation (FDIC) has joined forces with the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency in extending favorable Community Reinvestment Act (CRA) considerations for institutions outside Puerto Rico and the U.S. Virgin Islands.

This extension, effective through September 20, 2026, is aimed at providing additional support to those areas still reeling from the economic impact of Hurricane Maria since September 2017. The agencies’ decision aligns with their January 2018 statement, which initially granted similar considerations following the devastating hurricane.

According to the joint release, activities that contribute to the revitalization or stabilization of Puerto Rico and the U.S. Virgin Islands will be treated consistently with the original guidance. This extension builds upon a previous extension given in May 2021, reflecting the ongoing need for support in these regions.

The move is part of the federal government’s broader efforts to assist communities struck by natural disasters, ensuring that financial institutions can play a vital role in recovery and rebuilding efforts.

FDIC representatives were unavailable for comment at this time. For more information, visit the FDIC website.

This extension is a testament to the ongoing commitment from federal agencies to provide relief and support to disaster-stricken areas, emphasizing the importance of community development and stability in times of crisis.