The list of 71 banks receiving evaluation ratings in September for compliance with the anti-redlining Community Reinvestment Act (CRA) shows that only one institution, located in Connecticut, earned less than a “satisfactory” rating from the Federal Deposit Insurance Corp. (FDIC).
The list, released Wednesday by the agency, shows that DR Bank of Darien, Conn., earned a rating of “needs improvement” in its latest CRA evaluation. The remaining 70 banks receiving ratings were found to be “satisfactory.”
In this round, no bank earned a CRA compliance rating of “outstanding” or of “substantial noncompliance,” the highest and lowest ratings possible.
The CRA is a 1977 law intended 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.