Skip to main content
U.S. flag
An official website of the United States government
Dot gov
The .gov means it’s official.
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.
The site is secure.
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Financial Institution Letter
Agencies Extend Period for CRA Consideration Given to Community Development Activities in Response to Hurricane Maria Disaster in Puerto Rico and the U.S. Virgin Islands


The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (Board), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) are granting a 36–month extension to the original period provided in the January 2018 Interagency Statement on CRA Consideration for Community Development Activities in Puerto Rico and the U.S. Virgin Islands Following Hurricane Maria (Interagency Statement) for recognizing activities that help to revitalize or stabilize Puerto Rico and the U.S. Virgin Islands.

A copy of the Interagency Statement can be found on the FDIC’s website.

Statement of Applicability: This Financial Institution Letter (FIL) applies to all FDIC-supervised financial institutions.


  • Puerto Rico and the U.S. Virgin Islands were designated as major disaster areas on September 20, 2017, as a result of the devastation caused by Hurricane Maria.
  • Pursuant to their CRA regulations, the agencies give favorable consideration to a financial institution’s activities that meet the definition of “community development” or the criteria for qualifying activities, as applicable.
  • The agencies have determined that the ongoing impact of Hurricane Maria in Puerto Rico and the U.S. Virgin Islands warrants an extension through September 20, 2023.
    • The agencies’ Interagency Questions and Answers Regarding Community Reinvestment (Questions and Answers) guidance further explains that financial institutions may receive favorable consideration for such activities in a qualifying disaster area for 36 months following the date of designation by the federal government and that the agencies may extend this time period when there is a demonstrable community need.
  • Activities conducted by state nonmember banks receive consideration provided these institutions have been responsive to the community development needs and opportunities of their own assessment area(s). Activities conducted by savings associations receive credit as provided for in question 7 of OCC Bulletin 2020–99.
  • Consideration will be given for all activities that assist the designated disaster areas or affected individuals, regardless of income. However, the agencies may give greater weight to activities that are most responsive to community needs, including the needs of low– and moderate–income areas and individuals.


FDIC-Supervised Institutions

Suggested Routing:

Chief Executive Officer
Compliance Officer
Chief Lending Officer

Related Topics
Community Reinvestment Act
Last Updated: May 27, 2021