The nation’s federal bank deposit insurer doled out two “outstanding,” two “needs improvement” and 74 “satisfactory” ratings this March in its examinations of banks for Community Reinvestment Act (CRA) compliance, the agency said in releasing its June list of CRA ratings.
The Federal Deposit Insurance Corporation (FDIC) list, released Tuesday, shows that the two banks rated “needs improvement” were Frontier State Bank, Oklahoma City, Okla., and Willamette Valley Bank, Salem, Ore. Rated “outstanding” were International Bank of Commerce, Laredo, Texas, and Tustin Community Bank, Tustin, Calif.
CRA was enacted in 1977 in response to redlining. It encourages insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. Ratings have been made publicly available since July 1, 1990, under requirement of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA).
A consolidated list of all state nonmember banks whose evaluations have been made publicly available, including the rating for each bank, can be obtained at www.fdic.gov or from the FDIC’s Public Information Center, 3501 Fairfax Drive, Room E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).
A copy of an individual bank’s CRA evaluation is available directly from the bank, which is required by law to make the material available upon request, or from the FDIC’s Public Information Center.