1 bank ‘needs to improve,’ 1 shows ‘substantial noncompliance’ in recent CRA evaluations, OCC says

Five out of the 30 banks whose Community Reinvestment Act (CRA) evaluations were released in September earned the rating of “outstanding,” while one was rated “needs to improve” and another was deemed to be in “substantial noncompliance,” the Office of the Comptroller of the Currency (OCC) said in a release Tuesday.

The remaining 23 banks were rated “satisfactory,” the OCC said.

The CRA evaluations measure the banks’ performance for their record of meeting the credit needs of their entire communities, including low- and moderate-income neighborhoods, consistent with safe and sound operation of the institution. Possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance.

The rating of “substantial noncompliance” in the latest list was for The Lemont National Bank, a small bank in Lemont, Ill. The “needs to improve” rating was for Third Federal Savings and Loan Association of Cleveland, a large bank in Cleveland, Ohio.

The CRA rating of “outstanding” went to Old Second National Bank (Aurora, Ill.); Armed Forces Bank, National Association (Ft. Leavenworth, Kan.); The Camden National Bank (Camden, Maine); Charles Schwab Bank, Federal Savings Association (Reno, Nev.); and The Yoakum National Bank (Yoakum, Texas).

OCC Releases CRA Evaluations for 30 National Banks and Federal Savings Associations

CRA Performance Evaluations: September 2018

Be the first to comment

Leave a Reply

Your email address will not be published.