The federal bank regulatory agencies have announced that financial institutions will be eligible for credit under the Community Reinvestment Act (CRA) by supporting community development efforts in the U.S. Virgin Islands (USVI) and Puerto Rico, even if these two areas do not fall under an institution’s assessment area. The CRA was enacted in 1977 with the goal of encouraging banks and other depository institutions to meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. This recent CRA consideration aims to increase capital flows into areas seeking to rebuild from Hurricane Maria this fall. Both Puerto Rico and the USVI continue to face a host of barriers after Maria destroyed wide swaths of each island’s economy, housing and infrastructure. As the islands await further appropriated resources from Congress, private investments that may be eligible for CRA credit could help finance some needed repairs. This announcement comes as the Treasury Department looks towards proposing changes to the CRA in early 2018. Learn more about the announcement in Enterprise’s blog post.
Banking Regulators Announce CRA Consideration for Investments in Puerto Rico and the Virgin Islands
Oklahoma Coalition for Affordable Housing 