MONTH-IN-BRIEF (Mar 2021)
Banks' Federal Regulators Update COVID-19 CRA Guidance
By Aaron Kouhoupt, McGlinchey Stafford, PLLC
On March 8, 2021, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (the "Agencies"), updated their earlier guidance for Community Reinvestment Act ("CRA") considerations in response to the coronavirus pandemic. The update includes five new FAQs that are designed to clarify how a financial institution's response to COVID-19 should be analyzed during a CRA examination.