CA 23-6:
Second extension of CRA consideration for community development activities in Puerto Rico and the U.S. Virgin Islands in response to Hurricane Maria
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, D.C. 20551
DIVISION OF CONSUMER
AND COMMUNITY AFFAIRS
September 21, 2023
TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS:
Second extension of CRA consideration for community development activities in Puerto Rico and the U.S. Virgin Islands in response to Hurricane Maria
Applicability to Community Banking Organizations: This guidance applies to all institutions supervised by the Federal Reserve, including those with total consolidated assets of $10 billion or less.
The Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the “agencies”) are issuing the attached statement to extend the period for Community Reinvestment Act (CRA) consideration of community development activities that help to revitalize or stabilize Puerto Rico and the U.S. Virgin Islands related to Hurricane Maria. These islands were originally designated as major disaster areas due to Hurricane Maria on September 20, 2017.1
The agencies are granting a second 36-month extension for recognizing activities that help to revitalize or stabilize Puerto Rico and the U.S. Virgin Islands. This extension follows the original period provided in the January 2018 Interagency Statement on CRA Consideration for Community Development Activities in the U.S. Virgin Islands and Puerto Rico Following Hurricane Maria (January 2018 Interagency Statement)2 and the first extension provided in the May 2021 Interagency statement, Agencies Extend Period for CRA Consideration Given to Community Development Activities Responding to Hurricane Maria Disaster in the Puerto Rico and the U.S. Virgin Islands.3
If supervised financial institutions have questions about the guidance set forth in this letter, they are encouraged to contact the responsible Federal Reserve Bank. In addition, questions may be sent via the Board’s public website.4
signed by
Eric S. Belsky
Director
Division of Consumer
and Community Affairs
- CA 21-9: Extension of CRA Consideration for Community Development Activities in the U.S. Virgin Islands and Puerto Rico in Response to Hurricane Maria
- CA 18-1: CRA Consideration for Community Development Activities in the U.S. Virgin Islands and Puerto Rico Following Hurricane Maria
- CA 16-5: Interagency Questions and Answers Regarding Community Reinvestment
Notes:
- See the Federal Emergency Management Agency’s (FEMA) relevant disaster declarations: Puerto Rico Hurricane Maria (DR 4339), https://www.fema.gov/disaster/4339, and U.S. Virgin Islands Hurricane Maria (DR 4340), https://www.fema.gov/disaster/4340 Return to text.
- Board CA 18-1; FDIC FIL-7-2018; OCC News Release 2018-6 Return to text.
- Board CA 21-9; FDIC FIL 37-2021; OCC Bulletin 2021-27 Return to text.
- https://www.federalreserve.gov/apps/contactus/feedback.aspx Return to text.