A new version of frequently asked questions (FAQ) – which adds five new questions – to assist financial institutions and examiners with determining Community Reinvestment Act (CRA) consideration for activities undertaken in response to the COVID-19 pandemic was released Monday by the federal banking agencies.
According to the agencies, the five new FAQs were added to the 13 interagency FAQs issued last May.
More specifically, the agencies said, the new FAQs address consideration for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loans as community development, flexible, or innovative lending; and consideration of community development services provided virtually by bank representatives.
Overall, the revised FAQs hold 18 separate questions (and answers) about CRA consideration for activities in response to the pandemic. The new questions make up the five added to the bottom of the list.