Washington – In a move to keep the banking industry transparent and accountable, the Federal Deposit Insurance Corporation (FDIC) has unveiled its latest list of banks examined for compliance with the Community Reinvestment Act (CRA). This comprehensive list covers evaluation ratings assigned by the FDIC to institutions in July 2023.
The CRA, a landmark 1977 law, mandates that insured banks and thrifts meet local credit needs, particularly in low- and moderate-income neighborhoods. The act ensures these financial institutions operate safely while supporting community development.
This month’s list includes the evaluation ratings assigned by the FDIC to state nonmember banks. It serves as a public disclosure of the institutions’ performance in meeting their CRA obligations. Congress mandated this public disclosure as part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA).
Obtaining the full list is straightforward. You can access a consolidated list of all state nonmember banks evaluated since July 1, 1990, including their ratings, or request a hard copy from the FDIC’s Public Information Center at 3501 Fairfax Drive, Room E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).
For those interested in an individual bank’s CRA evaluation, it can be obtained directly from the bank, as they are required by law to provide this information upon request.
The FDIC’s annual list is a crucial tool for regulators, consumers, and investors. It highlights which banks are meeting their community responsibilities and which may need improvement. For more information or to contact the FDIC, visit www.fdic.gov.
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