FDIC Issues List Of Banks Examined For CRA Compliance

Posted by Orb Staff on April 06, 2009 No Comments
Categories : Residential Mortgage

The Federal Deposit Insurance Corp. (FDIC) has issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA).

The list covers evaluation ratings that the FDIC assigned to institutions in January. 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.

As part of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), Congress mandated the public disclosure of an evaluation and rating for each bank or thrift that undergoes a CRA examination on or after July 1, 1990.

SOURCE: FDIC

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