CRA and COVID 3 – How will activities undertaken in response to COVID-19 that are responsive to community needs be considered in CRA examinations?

Compliance > Regulation BB - CRA
Q:   How will activities undertaken in response to COVID-19 that are responsive to community needs be considered in CRA examinations?
 
A:   In light of the declaration of a national emergency, and consistent with the Joint Statement, the agencies are clarifying that banks will receive favorable CRA consideration for community development activities that are responsive to community needs and conducted in response to COVID-19. Qualifying activities include those that support community services targeted to low- or moderate-income individuals, economic development by meeting the “size” and “purpose” tests, affordable housing for low- or moderate-income individuals or families, or that help to revitalize or stabilize low- or moderate-income geographies or distressed or underserved nonmetropolitan middle-income geographies. As described in the Response to Question 1, qualifying activities also include those that help to stabilize COVID-19 designated disaster areas by protecting public health and safety, particularly for low- or moderate-income individuals or geographies.
 
 
This Q&A was contained in the Interagency “Community Reinvestment Act (CRA) Consideration for Activities in Response to the Coronavirus Pandemic Frequently Asked Questions (FAQs)” initially issued May 27, 2020, and later updated.  This issuance may be found here: 
 

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