Of the 48 banks receiving their Community Reinvestment Act (CRA) evaluations ratings in October, three were considered “outstanding” and one was rated “needs to improve,” the Federal Deposit Insurance Corp. (FDIC) reported Tuesday.
The remaining 44 institutions were rated “satisfactory” under the anti-redlining statute, the agency report showed, while none was given the rating of “substantial noncompliance.”
Institutions rated “outstanding” were USAA Savings Bank, Las Vegas, Nev.; Brunswick Bank and Trust Company, New Brunswick, N.J.; and Spencer Savings Bank, SLA, Elmwood Park, N.J. Rated “needs to improve” was Sewickley Savings Bank, Sewickley, Pa.
The FDIC noted that 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.