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Board of Governors of the Federal Reserve System

Federal Deposit Insurance Corporation

Office of the Comptroller of the Currency

May 27, 2021 

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 

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 36-month extension to 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

(Interagency Statement)

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 for recognizing activities that help to revitalize or stabilize Puerto Rico 

and the U.S. Virgin Islands. 

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

institution’s activities that meet the definition of “community development”3 or the criteria for 

qualifying activities,4 as applicable. These activities include loans, investments, and services that 

help to revitalize or stabilize designated disaster areas5

 or, for OCC-regulated financial institutions, 

that otherwise meet the criteria for qualifying activities,

6 as applicable. The agencies’ Interagency 

Questions and Answers Regarding Community Reinvestment (Questions and Answers) guidance 

and, as applicable, OCC Bulletin 2020-99 further explain 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.7 The agencies have determined that the ongoing 

impact of the Hurricane in Puerto Rico and the U.S. Virgin Islands warrants an extension through 

September 20, 2023. 

These activities will be treated consistently with the agencies’ January 2018 Interagency Statement

and, as applicable, OCC Bulletin 2020-99. Activities conducted by state member banks and state 

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 See 12 CFR 25.04 (national banks and savings associations).12 CFR 228.12 (state member banks); 12 CFR 345.12 

(state nonmember banks).

4 See 12 CFR 25.04 (national banks and savings associations). 5 See 12 CFR 228.12(g)(4)(ii) (state member banks); 12 CFR 345.12(g)(4)(ii) (state nonmember banks). 6 See 12 CFR 25.04 (national banks and savings associations). 7 See 81 Fed. Reg. 48506 (July 25, 2016), Q&A §__.12(g)(4)(ii)—1; OCC Bulletin 2020-99, “Community 

Reinvestment Act: Key Provisions of the June 2020 CRA Rule and Frequently Asked Questions.” (November 9, 

2020).
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nonmember banks receive consideration provided that these institutions have been responsive to the 

community development needs and opportunities of their own assessment area(s). Activities 

conducted by national banks and savings associations receive credit as provided for in question 7 of 

OCC Bulletin 2020-99. 

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.