Q: What retail banking service activities will be considered particularly responsive to the needs of low- and moderate-income individuals due to the COVID-19 emergency?
A: As the Joint Statement explains, the agencies encourage banks to work with affected individuals and communities, particularly those that are low- or moderate-income. Examples of services that are considered particularly responsive to the needs of low- or moderate-income individuals include cashing federal government stimulus checks at no cost to non-customers or waiving late fees and customer overdraft charges.
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: