As an additional incentive for financial institutions to work flexibly with customers, the Federal Reserve Board (Federal Reserve), Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) issued a joint statement on March 19, 2020, indicating they will favorably consider under the Community Reinvestment Act a financial institution’s efforts to meet the financial services needs of its customers and members in areas affected by COVID-19.

This article explains what the joint statement means for financial institutions, which provide both guidance and relief as circumstances continue to evolve.