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MONTH-IN-BRIEF (Mar 2021)

Banking Law 

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.  

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