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Joint statement on CRA and COVID-19
The Federal Reserve Board, the FDIC, and the Office of the Comptroller of the Currency (the agencies) have issued a Joint Statement on CRA Consideration for Activities in Response to COVID-19. The agencies recognize the potential for the Coronavirus Disease (COVID-19) to adversely affect the customers and operations of financial institutions. The agencies encourage financial institutions to work with affected customers and communities, particularly those that are low- and moderate-income. The agencies will provide favorable consideration under the Community Reinvestment Act of certain retail banking services, retail lending activities, and community development activities related to this national emergency.
The FDIC's FIL-19-2020 reports that the statement will be effective through the six-month period after the national emergency declaration is lifted, unless extended by the agencies.