WASHINGTON, D.C. – With respect to Hurricanes Katrina and Rita, the
Office of the Comptroller of the Agency (OCC) issued a bulletin today allowing
national banks located outside the disaster area to receive positive Community
Reinvestment Act (CRA) consideration for activities that support the
revitalization and stabilization of affected areas.
“The devastation and needs in these areas are unprecedented,” said
Comptroller of the Currency John C. Dugan.
“National banks want to help in the recovery effort, and I believe that
those efforts merit positive CRA consideration. It is my hope that our guidance will encourage even more banks to
help out by providing loans, investments, and other services.”
A national bank’s CRA performance is evaluated primarily on the
basis of how its loans, investments, and services meet the needs of its local
community. Under the guidance explained
in today’s bulletin, banks outside the areas affected by the hurricanes also
may receive CRA consideration for activities and funds that help rebuild these
areas, provided that they have otherwise adequately met the needs of their
local communities.
Related Links:
OCC Bulletin 2006-6
OCC hurricane-related
information
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The Office of the
Comptroller of the Currency was created by Congress to charter national banks,
to oversee a nationwide system of banking institutions, and to assure that
national banks are safe and sound, competitive and profitable, and capable of
serving in the best possible manner the banking needs of their customers.