Board of Governors of the Federal Reserve System

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have issued the attached joint statement on Community Reinvestment Act (CRA) consideration for activities in response to the Coronavirus Disease (referred to as COVID-19). The joint statement confirms that, pursuant to the Community Reinvestment Act, the agencies will favorably consider retail banking services and retail lending activities in a financial institution’s assessment areas that are responsive to the needs of low- and moderate-income individuals, small businesses, and small farms affected by COVID-19 consistent with safe and sound banking practices. Additionally, in light of the declaration of a national emergency, this statement clarifies that financial institutions will receive CRA consideration for community development activities. This statement shall be effective through the six-month period after the national emergency declaration is lifted, unless extended by the agencies.

Reserve Banks are asked to distribute this letter to the Federal Reserve-supervised institutions in their districts, as well as to their supervisory and examination staff. If supervised financial institutions have questions about the guidance set forth in this letter, they are encouraged to contact the responsible Federal Reserve Bank. In addition, questions may be sent via the Board’s public website.

Sincerely,