Two financial institutions received ratings of “outstanding” for their community reinvestment actions – and one received a rating of “needs to improve” – according to a list of Community Reinvestment Act (CRA) performance evaluations that became public during February, the regulator of national banks said Tuesday.
The Office of the Comptroller of the Currency (OCC) released CRA evaluations for 13 national banks and savings associations; the remaining 10 institutions received ratings of “satisfactory,” the OCC said. CRA is an anti-redlining law meant to encourage banks and thrifts of invest in their local communities.
The agency said the banks earning the “outstanding” ratings were Chain Bridge Bank of McLean, Va., and the First National Bank and Trust Co. of Chickasha, Okla. The bank receiving a “needs to improve” rating was the Upstate National Bank of Ogdensburg, N.Y.
The OCC rates a bank it evaluates for CRA performance with one of four scores (running from best to least favorable): Outstanding, satisfactory, needs to improve, and substantial noncompliance.
OCC Releases CRA Evaluations for 13 National Banks and Federal Savings Associations