None of the 20 banks whose Community Reinvestment Act (CRA) evaluations became public in June received ratings of less than “satisfactory,” according to information released Tuesday by the Office of the Comptroller of the Currency (OCC).
Three banks in the June list were rated “outstanding” by the OCC: Chase Bank USA, NA, a limited-purpose bank in Wilmington, Del.; Jarrettsville FS&LA, a small bank in Jarrettsville, Md.; and BOKF, National Association, a large bank in Tulsa, Okla. The remaining 17 were rated “satisfactory.”
The CRA was enacted in 1977, the OCC notes, to prohibit redlining (denying or increasing the cost of banking to residents of racially defined neighborhoods); and to encourage efforts to meet the credit needs of all community members, including residents of low- and moderate-income neighborhoods.
The OCC’s list of CRA evaluations and ratings includes only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. Possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance.