OCC EXTENDS DEADLINE FOR CRA ACTIVITIES IN GULF COAST DISASTER AREA

Monday, February 27, 2012 - 8:00am

The Office of the Comptroller of the Currency (OCC) has extended the deadline for consideration of Community Reinvestment Act (CRA) activities in areas that were affected by hurricanes Rita and Katrina. The OCC is extending through December 31, 2014 the period that banks can receive CRA consideration for disaster recovery-related revitalization or stabilization activities. OCC Bulletin 2012-8 says weight will be given to activities that benefit low- and moderate-income individuals and areas and banks may receive CRA consideration if the activities are outside their assessment area, as long as they also meet the CRA-related needs of their local communities.