News Release 2006-17 | February 9, 2006
OCC Issues Guidance on Community Reinvestment Act Credit For National Bank Activities in Areas Affected by Hurricanes
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.