GRIMY TIMES EXCLUSIVE: The Federal Deposit Insurance Corporation (FDIC) has unleashed a comprehensive list of state nonmember banks that have faced the scrutiny of their Community Reinvestment Act (CRA) compliance evaluations. This extensive report, published on March 3, 2023, details the assessments conducted in December 2022.
The CRA, a landmark 1977 legislation, mandates insured banks and thrifts to address local credit needs, particularly in low- and moderate-income neighborhoods. The FDIC’s latest move is a direct response to the 1989 Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), which necessitates the public disclosure of bank evaluations.
Seeking a consolidated list of all state nonmember banks evaluated since July 1990? Look no further. The FDIC provides access to a comprehensive database, including individual ratings for each institution. Those interested can also request hard copies from the Public Information Center at 3501 Fairfax Drive, Room E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).
Individual banks are legally required to make their CRA evaluation reports publicly available upon request. The FDIC’s timely release of these evaluations ensures transparency in the financial sector, allowing for a thorough examination of compliance efforts.
For more information, contact the FDIC at (703) 470-0201. This latest initiative from the FDIC underscores its commitment to promoting responsible banking practices and ensuring that financial institutions meet their obligations to communities across the nation.
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