The federal bank regulatory agencies have announced an extension of the period for providing favorable consideration to institutions located outside of Puerto Rico and the U.S. Virgin Islands under their Community Reinvestment Act (CRA) regulations. This extension is aimed at supporting bank activities that contribute to the revitalization and stabilization of these areas, which were severely affected by Hurricane Maria. The agencies have determined that a 36-month extension until September 20, 2026 is warranted, considering the ongoing economic impact of Hurricane Maria since September 2017 in Puerto Rico and the U.S. Virgin Islands. This extension ensures that activities aimed at revitalizing or stabilizing these areas will be treated consistently with the agencies’ original statement issued in January 2018. It should be noted that the agencies had previously extended the period for providing favorable consideration in May 2021.
Read the original Federal Reserve release here.
