Community Development and Small Business Resources

Please note: This website refers to actions taken during the COVID-19 pandemic. For recent news visit Press Releases and reporting visit Reports to Congress Pursuant to Section 13(3) of the Federal Reserve Act in response to COVID-19.

What community development stakeholders should know about agencies' response to COVID-19:
  • The federal banking agencies issued a joint statement on Community Reinvestment Act (CRA) consideration for activities in response to the COVID-19.
  • The federal financial institution regulatory agencies, in consultation with state financial regulators, issued a revised interagency statement encouraging financial institutions to work with borrowers affected by COVID-19 and providing additional information regarding loan modifications, with agencies' views on consumer protection considerations.
Resources for Small Businesses

Health and Safety

Funding Opportunities for Small Businesses

Resources to Help Small Businesses Assist their Employees or Communities

Small Business Requirements and Guidance

Resources for Nonprofits

COVID-19 Funding Opportunities

Resources for Housing Providers, Lenders, and Servicers

Federal Taxes

Resources for Local and State Governments

COVID-19 Pandemic Response Resources

COVID-19 Related Supervisory Guidance: Consumer Affairs Letters

One of the principal functions of the Federal Reserve is to supervise and regulate various financial entities. In response to the events related to COVID-19 or the coronavirus, the Federal Reserve Board's Supervision and Regulation and Division of Consumer and Community Affairs functions have issued the following statements, guidance, and rules to support financial institutions, consumers, and the economy. Consumer Affairs letters address significant policy and procedural matters related to the Federal Reserve System's consumer compliance supervisory responsibilities.

  • Work with customers and borrowers: The Federal Reserve Board issued guidance on supervisory practices regarding financial institutions affected by coronavirus. This guidance encourages financial institutions to review guidance previously issued in 2013 with respect to major disasters or emergencies. The 2013 guidance discusses supervisory practices that the Federal Reserve System will employ when financial institutions and their customers are affected by coronavirus and provides examples of efforts that financial institutions may want to consider in working with affected customers. (March 13, 2020)
    Press release
    SR 20-4 / CA 20-3
  • CRA consideration for activities: The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued a joint statement on Community Reinvestment Act (CRA) consideration for activities in response to COVID-19. (March 19, 2020)
    CA 20-4 letter
  • Small-dollar loans: Five federal financial regulatory agencies issued a joint statement encouraging banks, savings associations, and credit unions to offer responsible small-dollar loans to consumers and small businesses in response to COVID-19. (March 26, 2020)
    Press release
    SR 20-7/CA 20-5 letter
  • Home Mortgage Disclosure Act (HMDA) reporting: The Federal Reserve announced that it does not intend to cite in an examination or initiate an enforcement action for failure to report the quarterly HMDA data to provide its supervised financial institutions with flexibility, reduce administrative burden, and allow the institution to focus its time and attention on serving its customers. (March 31, 2020)
    CA 20-6 letter
  • Appraisals: The federal banking agencies issued an interim final rule to temporarily defer real estate-related appraisals and evaluations under the agencies' interagency appraisal regulations. (April 14, 2020)
    Press release
  • Flood Insurance: The Federal Reserve issued this letter to respond to flood insurance questions to assist state member banks in their efforts to meet the financial needs of their customers during the national emergency due to COVID-19. (May 6, 2020)
    CA 20-7 letter
  • Frequently asked questions: CRA consideration for activities in response to COVID-19. The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have issued Community Reinvestment Act (CRA) frequently asked questions (FAQs) that expand upon information provided in the Joint Statement (issued on March 19, 2020). The FAQs clarify how agencies will consider activities responsive to community needs during the COVID-19 emergency. (May 27, 2020)
    CA 20-10 letter
  • CARES Act examination procedures: The Federal Reserve developed examination procedures for the credit reporting and mortgage servicing provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). (July 7, 2020)
    CA 20-11 letter
  • Additional accommodations: The Federal Reserve and the other Federal Financial Institutions Examination Council (FFIEC) members issued a joint statement discusses risk management principles relevant to institutions that work with their borrowers as loans near the end of initial loan accommodation periods related to COVID-19. The statement includes principles for considering accommodation options and for restructuring safe and sound credit extensions going forward. The agencies encourage financial institutions to consider prudent accommodation options that can ease cash flow pressures on affected borrowers, improve their capacity to service debt, and facilitate a financial institution's ability to collect on its loans. (August 3, 2020)
    SR 20-18 / CA 20-13 letter
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Last Update: July 07, 2023