CBA on COVID-19 CRA Consideration

Nick Simpson

CBA on COVID-19 CRA Consideration

 

WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after Federal Reserve Board, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency said the agencies would provide favorable Community Reinvestment Act consideration for certain retail banking services, retail lending and community development activities related to coronavirus relief:

 

“Banks are deeply committed to serving their customers, communities and small businesses and have already mobilized assistance programs.

 

“We appreciate the CRA consideration regulators are giving as banks work to assist low- to moderate-income individuals facing economic hardships during the coronavirus outbreak. Many ongoing programs have been halted as schools and public meetings are canceled and this announcement will help banks alter course as they continue working to meet the financial needs of the communities they serve.”

 

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About the Consumer Bankers Association:

The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.