Gov. Andrew Cuomo is urging financial institutions to invest resources in Puerto Rican communities that are still recovering from the recent earthquakes.
The state Financial Services Department is offering chartered banks possible Community Reinvestment Act (CRA) consideration for helping to revitalize some of the hardest hit areas. Under New York’s CRA, banks can receive CRA credit for helping rebuild communities that are designated disaster areas, through financial actions.
The state issued a list of proposals for banks to act on in Puerto Rico, such as waiving ATM and late fees, increasing ATM withdrawal limits, increasing credit card limits and allowing loan customers to defer payments.
"New York helps its neighbors in their time of need and we're doing everything in our power to provide critical assistance and resources, Cuomo said. "These new actions will help ensure that our brothers and sisters in Puerto Rico have the support they need not only to recover, but rebuild stronger than ever before."
Lisa Lacewell, the Financial Services superintendent, also wrote a letter to New York insurance companies that cover people, businesses and homes in Puerto Rico. It outlines a set of guidelines requiring carriers to handle all claims quickly and fairly. Companies are required to uphold timely payments and increase resources to make sure everyone on a policy is being helped.