Today, the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) released a joint statement providing guidance to financial institutions on how they can receive credit on their Community Reinvestment Act (CRA) activities to low- and moderate-income people and communities affected by the coronavirus.
Jesse Van Tol, CEO of NCRC, made the following statement:
“As we start to see more people lose income, it becomes clear that the potential financial consequences of this global pandemic could be catastrophic for millions of low- and moderate-income (LMI) people and communities. Financial institutions are on the front lines, and CRA is a significant tool at their disposal. We applaud the Federal Reserve, FDIC and OCC in providing comprehensive guidelines to banks on how they can receive CRA credit for helping people and communities be resilient and rebuild post crisis.”
