Q: CRA Activities in COVID-19 Disaster Areas. How long will the Board of Governors of the Federal Reserve System, the Office of the Comptroller, and the Federal Deposit Insurance Corporation (agencies) grant consideration for activities that revitalize or stabilize COVID-19 designated disaster areas?
A: The March 19, 2020 Joint Statement indicates that it is effective through the six-month period after the national emergency declaration is lifted, unless extended by the agencies. With specific reference to COVID-19 related revitalization and stabilization activities needed to help protect public health and safety during the health emergency, as FEMA has issued the major disaster declarations described in the Response to the question – Are COVID-19 affected states and jurisdictions considered CRA designated disaster areas? – the agencies believe that a time period of six months after any particular disaster declaration is lifted is an appropriate time period for consideration of such activities.
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.