Q: Eligible CRA Activities. Does delivering food and stocking shelves count during the COVID-19 crisis?
A: The CRA Statement discusses categories and examples of activities related to COVID-19 that will be given consideration under the CRA. One of the examples provided in FIL-19-2020 for consideration as a community development activity is investment or service activities that support provision of food supplies and services for low- and moderate-income individuals or communities. The donation of food to support LMI individuals, such as through a food bank, would fall within the qualified investment category. Volunteer hours to help at a food bank that are not financial-related are not considered community development services.
This Q&A was contained in the Frequently Asked Questions for Financial Institutions Affected by the Coronavirus Disease 2019 (Referred to as COVID-19) – As of March 3, 2021 (which may be updated from time to time). This may be found on the FDIC’s website here: https://www.fdic.gov/Coronavirus/faq-fi.pdf.