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This issue of the Office of the Comptroller of the Currency's (OCC) Community Developments Investments explains how banks can collaborate with community development financial institutions (CFDI) and other community-based organizations to help rebuild communities hit hard by natural disasters and the COVID-19 pandemic.
Congress created three emergency programs to support CDFIs and minority depository institutions (MDI) in providing loans, grants, and other activities for low- and moderate-income and minority communities and businesses recovering from the disproportionate effects of the COVID-19 pandemic.
In partnership with CDFIs and MDIs, banks of all sizes have stepped up to originate many of the small business loans offered by federal recovery programs; made deposits and donations; and leveraged equity investments to help their customers meet their financial obligations and sustain small business growth and recovery.
Bank of America recognizes and supports the important role that CDFIs play in rebuilding communities.
Puerto Rico continues to recover from two hurricanes in September 2017 and earthquakes in 2019 with help from PathStone Enterprise Center.
Enterprise shares key lessons learned and recommends ways that banks and other private sector groups can help residents and communities bounce back after disasters and better prepare for future crises with resilience planning.
Collection: Community Developments Investments
Banks are partnering with community financial institutions and other local organizations to help communities across the nation recover from flooding, fires, other natural disasters, and the COVID-19 pandemic. Stock photos.
Call (202) 649-6420 or email communityaffairs@occ.treas.gov. This and previous editions are available on the OCC's website at www.occ.gov/communityaffairs.
Articles by non-OCC authors represent the authors’ own views and not necessarily the views of the OCC.
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