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 Frequently Asked Questions (FAQs) on CRA Consideration for Activities in Response to COVID-19. The FAQ provides additional clarification of the information included in the Joint Statement on CRA Consideration for Activities in Response to COVID-19 issued March 19, 2020. Specifically, it expands upon information provided in the joint statement to clarify how agencies will consider activities responsive to community needs during the COVID-19 emergency. The FAQs explain how both retail and community development activities will be considered in examinations. There is also guidance on agency treatment of COVID-19 designated disaster areas and the effective time period for eligible activities in COVID-19 designated disaster areas. In addition, the FAQs outline CRA eligibility and reporting standards for the Small Business Administration Paycheck Protection Program (PPP) and the Federal Reserve Main Street Lending Program.
