Summary
The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) today published a new version of frequently asked questions (FAQ) to assist financial institutions and examiners with determining Community Reinvestment Act (CRA) consideration for activities undertaken in response to the COVID-19 pandemic. This issuance adds five new FAQs to the 13 interagency FAQs dated May 27, 2020.
Note for Community Banks
This bulletin applies to community banks1 subject to the CRA.
Highlights
The five new FAQs address
- consideration for the U.S. Small Business Administration’s Paycheck Protection Program loans as community development, flexible, or innovative lending.
- consideration of community development services provided virtually by bank representatives.