Press Release: FDIC Issues List of Banks Examined for CRA Compliance
The Federal Deposit Insurance Corporation (FDIC) has recently released its list of state nonmember banks that were evaluated for compliance with the Community Reinvestment Act (CRA). The evaluation ratings assigned by the FDIC cover institutions examined in November 2023.
The Community Reinvestment Act
The Community Reinvestment Act (CRA) is a law that was enacted in 1977 to encourage insured banks and thrifts to meet the credit needs of local communities, particularly low- and moderate-income neighborhoods, while maintaining safe and sound operations. This law aims to promote economic development, affordable housing, and access to credit in underserved areas.
As part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Congress mandated the public disclosure of evaluation ratings for banks and thrifts that undergo a CRA examination. The ratings provide transparency and accountability for financial institutions’ compliance with the CRA.
Accessing the List of Banks Examined
If you’re interested in reviewing the list of state nonmember banks that have undergone CRA evaluations since July 1, 1990, along with their respective ratings, you can obtain a consolidated list from the FDIC’s Public Information Center. The center is located at 3501 Fairfax Drive, Room E-1002, Arlington, VA 22226. Alternatively, you can contact them at 877-275-3342 or 703-562-2200 to request a hard copy of the list.
Individual CRA evaluations can also be obtained directly from the banks themselves, as they are required by law to provide the material upon request. Additionally, the FDIC’s Public Information Center can assist in providing individual evaluations if needed.
Stay Informed and Connected
To stay up to date with the latest news and regulatory updates in the banking industry, it’s important to stay connected with reliable sources. VIS Banking is a leading provider of banking news and updates. You can visit their website at visbanking.com to access a wide range of information and resources related to the banking sector.
Frequently Asked Questions
Q: What is the purpose of the Community Reinvestment Act (CRA)?
A: The CRA aims to encourage insured banks and thrifts to meet the credit needs of local communities, particularly low- and moderate-income neighborhoods, while operating in a safe and sound manner.
Q: How can I access the list of banks examined for CRA compliance?
A: You can obtain a consolidated list of banks evaluated for CRA compliance from the FDIC’s Public Information Center or directly request it from individual banks.
Q: Where can I find reliable banking news and updates?
A: VIS Banking offers a comprehensive platform for reliable banking news and updates. You can visit their website at visbanking.com for more information.
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