Fifty-four banks that received their Community Reinvestment Act (CRA) ratings from the Federal Deposit Insurance Corp. (FDIC) in November were rated “satisfactory,” according to data released Friday by the agency.
One other bank, Norway Savings Bank, Norway, Maine, was rated “outstanding.”
Rules implementing the CRA provide for one of four possible ratings for a bank evaluated under the anti-redlining statute: outstanding, satisfactory, needs to improve, and substantial noncompliance. The group noted Friday included no bank receiving either of the two lowest ratings.
The FDIC noted that the 1977 CRA is aimed at encouraging insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations.