3 of the 41 banks rated in October were outstanding under CRA, FDIC reports

Community Reinvestment Act (CRA) evaluation ratings from October included three outstandings and 38 satisfactories, according to the results released Tuesday by the Federal Deposit Insurance Corp. (FDIC).

The three banks rated outstanding under the anti-redlining statute were Waukesha State Bank, Waukesha, Wis., Happy State Bank, Happy, Texas, and Quaint Oak Bank, Southampton, Pa., according to the agency’s January list.

The FDIC notes that 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.

FDIC Issues List of Banks Examined for CRA Compliance