No “needs improvement” or “substantial noncompliance” ratings for Community Reinvestment Act (CRA) compliance were assigned to any of the 91 banks given ratings this August by the Federal Deposit Insurance Corp. (FDIC), the agency said in a release Tuesday.
Of the 91 banks rated that month, six received ratings of “outstanding,” and 85 were rated “satisfactory,” according to the agency’s report.
The CRA is a 1977 anti-redlining law. Its aim is to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations.
The FDIC performs CRA evaluations for federally insured, state-chartered banks that are not members of the Federal Reserve System. The six banks receiving “outstanding” CRA ratings in August from the FDIC are:
- BankIowa of Cedar Rapids, Independence, Iowa
- The Gary State Bank, Gary, Minn.
- Odin State Bank, Odin, Minn.
- Industrial Bank, Oxon Hill, Md.
- Farmers & Merchants Bank of Central California, Lodi, Calif.
- Transportation Alliance Bank, Inc. d/b/a TAB Bank, Ogden, Utah