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Board of Governors of the Federal Reserve System 

Federal Deposit Insurance Corporation 

Office of the Comptroller of the Currency

September 20, 2023 

Agencies Extend Period for CRA Consideration Given to Community Development Activities 

Responding to Hurricane Maria Disaster in the Puerto Rico and U.S. Virgin Islands

This statement announces an extension of the period for Community Reinvestment Act (CRA) 

consideration for bank activities that help to revitalize or stabilize Puerto Rico and the U.S. Virgin 

Islands in response to Hurricane Maria (the “Hurricane”). As a result of the devastation caused by 

the Hurricane, the President designated Puerto Rico and the U.S. Virgin Islands as major disaster 

areas on September 20, 2017.1 Specifically, 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 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 Puerto 

Rico and the U.S. Virgin Islands.3

Pursuant to their CRA regulations, the agencies give favorable consideration to a financial 

institution’s activities that meet the definition of “community development.”4 These activities 

include loans, investments, and services that help to revitalize or stabilize designated disaster

areas.

5 The agencies’ Interagency Questions and Answers Regarding Community Reinvestment 

(Questions and Answers) guidance further explains that financial institutions may receive favorable 

consideration for such activities in a qualifying disaster area for 36 months following the date of 

designation by the federal government and that the agencies may extend this time period when 

there is a demonstrable community need.6

 The agencies have determined that ongoing 

demonstrable community need remains in the designated areas as a result of the damage caused by 

the Hurricane. This ongoing need is supported by the Federal Emergency Management Agency’s 

(FEMA) continued designation of the affected areas as active disaster areas. As a result, the 

agencies are extending the period during which banks can receive consideration as part of CRA 

evaluations for disaster recovery-related revitalization or stabilization activities in Puerto Rico and 

the U.S. Virgin Islands through September 20, 2026.7 These activities will be treated consistently 

1 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. 2 Board CA 18-1; FDIC FIL-7-2018; OCC News Release 2018-6 3 Board CA 21-9; FDIC FIL-61-2021; OCC Bulletin 2021-27 4 See 12 CFR 25.12 (national banks and savings associations); 12 CFR 228.12 (state member banks); 12 CFR 345.12 (state 

nonmember banks).

5 See 12 CFR 25.12(g)(4)(ii) (national bank and savings associations); 12 CFR 228.12(g)(4)(ii) (state member banks); 12 

CFR 345.12(g)(4)(ii) (state nonmember banks).

6 See 81 Fed. Reg. 48506 (July 25, 2016), Q&A § .12(g)(4)(ii)—1 7 See the Government Accountability Office blog post Hurricane Recovery Can Take Years– But For Puerto Rico, 5 Years
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with the agencies’ January 2018 Interagency Statement.

Activities will receive consideration provided institutions have been responsive to the community 

development needs and opportunities of their own assessment area(s). Consideration will be given 

for all activities that assist the designated disaster areas or affected individuals, regardless of

income. However, the agencies may give greater weight to activities that are most responsive to 

community needs, including the needs of low- and-moderate-income areas and individuals.

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