Half of the 18 banks whose ratings under the anti-redlining Community Reinvestment Act (CRA) became public in May were deemed “outstanding,” information released by the national bank regulator Monday shows.
The other nine banks, the list from Office of the Comptroller of the Currency (OCC) shows, were rated “satisfactory.” The May list included no bank rated “needs to improve” or “substantial noncompliance,” the only other ratings given under the CRA.
The OCC notes that under the CRA, the agency assesses an institution’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of such institution. The list released Monday includes the national banks, federal savings associations, and insured federal branches of foreign banks that have received CRA ratings, it said.
OCC Releases CRA Performance Evaluations for 18 National Banks and Federal Savings Associations
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