Episode 5: Community Action and Partnerships Prevails as Banks Mobilize to Respond to COVID-19

Episode 5: Community Action and Partnerships Prevails as Banks Mobilize to Respond to COVID-19

Community Action and Partnerships Prevails as Banks Mobilize to Respond to COVID-19

Just when we were all getting ready to sit down and draft our OCC and FDIC CRA Comment Letters in preparation for our April 8th deadline, the unfathomable happened: our world shifted to all things COVID-19.  Linda shares her thoughts around bank’s role in recovery efforts and provides details of the interagency regulatory response under the CRA.

CRA Comments Letters are due April 8, 2020-Click here to learn more and to submit your comments:

On March 9, 2020, the federal financial institution regulatory agencies (THE FRB, OCC AND THE FDIC) and state bank regulators issued a statement to encourage financial institutions to meet the financial services needs of their customers and members in areas affected by COVID-19.  Click here to learn more and review the formal statement:

The Federal Financial Institutions Examination Council (FFIEC) also issued a recent press release to support banks during this unprecedented time:

Troubled Debt Restructurings Interagency Supervisory Guidance

So, as we continue to navigate these unprecedented times, let continue to be curious… Let’s not forget to pause and ask ourselves as bankers, community development advocates and nonprofit leaders:  WHAT ELSE IS POSSIBLE?
  • How can we partner with CDFIs to extend the traditional boundaries of capital where it is most needed?
  • How can we leverage programs and services provided by social service agencies, federal health clinics and community action agencies to meet the foundational needs of the most economically vulnerable?
  • How can we further lift local Community Foundation and philanthropic emergency response funds to invest capital for the greatest good? 
This pandemic is an unprecedented challenge for the entire country and the world, but especially for our most economically fragile people, our local organizations and businesses in our communities. And it is natural about now to also ask what we can do as families, as individuals and just as a good human… What else can we do to support our most vulnerable? 
Although we need all businesses, large and small to come through this crisis as a going concern, now more than ever, the small business community needs your support. If you can, shop small and local.  Heck, even let those kids and teenagers chose which restaurants they want to take turns supporting with a swift take out order for your next family meal.   Support the people and businesses you love… and above all else, be thankful for those walls that surround you and the roof that hovers over those you hold the most dear (even though they may be driving you a bit crazy…!) 
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