Three banks earned ratings of “outstanding” in November for their compliance with the anti-redlining Community Reinvestment Act (CRA), according to information released Thursday by the Federal Deposit Insurance Corp. (FDIC).
In its report on the 65 banks rated that month, 62 were deemed “satisfactory” and one was rated “needs to improve.” None of the banks received the rating of “substantial noncompliance.”
Banks rated “outstanding” were The Cape Cod Five Cents Savings Bank, Orleans, Mass.; Norway Savings Bank, Norway, Maine; and Balboa Thrift and Loan Association, Chula Vista, Calif. Rated “needs to improve” was CBW Bank of Weir, Kan.
The CRA, enacted in 1977, is 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.