3 out of 51 banks rated for CRA in January were ‘outstanding,’ FDIC reports

Three “outstanding” and 48 “satisfactory” Community Reinvestment Act (CRA) evaluation ratings were assigned to banks in January by the federal bank deposit insurer, according to the agency’s list released Friday.

The three banks rated “outstanding” were Bank of Charles Town, Charles Town, W.Va.; Lake-Osceola State Bank, Baldwin, Mich.; and Cambridge Savings Bank, Cambridge, Mass. The Federal Deposit Insurance Corp. (FDIC) assigned no bank the rating of “needs to improve” or “substantial noncompliance,” the information shows.

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.

FDIC Issues List of Banks Examined for CRA Compliance

Be the first to comment

Leave a Reply

Your email address will not be published.