Seven banks – including Bank of China branches – earn top ratings for CRA compliance

Seven banks – including two branches of the Bank of China – received the highest ratings for compliance with rules implementing anti-redlining laws, according to scores released Tuesday by the national bank regulator.

The ratings for compliance with Community Reinvestment Act (CRA) rules by the Office of the Comptroller of the Currency (OCC) showed that the seven banks earning the “outstanding” ratings (the highest the agency gives for compliance with CRA rules) made up just under one-third of the ratings issued during June.

Of the 15 other ratings released, all were “satisfactory;” no bank earned the subpar ratings of “needs improvement” or “substantial noncompliance,” the lowest rating.

Banks receiving the “outstanding” rating were:

• City National Bank of Florida in Miami;
• First National Bank in Olney in Olney, Ill.;
• Stillman BancCorp, N.A. in Stillman Valley, Ill.;
• Morgan Stanley Private Bank, N.A., in Purchase, N.Y.;
• First Savings Bank in Beresford, S.D.;
• Bank of China – New York Branch in New York, N.Y.;
• Bank of China – Queens Branch in Flushing, N.Y.

Bank of China – founded 113 years ago – is a state-owned institution headquartered in Beijing, and one of the largest banks in the world. It is considered a global systemically important bank (GSIB). Over the time of its operation, it has served as the country’s central bank, international exchange bank, and specialized foreign trade bank, among other things. In the U.S., the bank focuses on corporate lending and personal services for Chinese companies operating in the U.S. and other businesses.

OCC Releases CRA Performance Evaluations for 22 National Banks and Federal Savings Associations