The Federal Deposit Insurance Corporation (FDIC) has dropped a bombshell on the banking industry, releasing its list of state nonmember banks that have undergone Community Reinvestment Act (CRA) compliance examinations. The FDIC’s latest move is a stark reminder of the ongoing vigilance over financial institutions’ social responsibility.
The CRA, a 1977 law aimed at promoting equitable access to credit for low- and moderate-income neighborhoods, requires banks to demonstrate their commitment to meeting local credit needs. This latest list covers evaluations made by the FDIC in January 2023, providing a snapshot of which institutions are walking the walk—or not.
Obtaining a consolidated list of all state nonmember banks evaluated under the CRA since July 1990 is as easy as visiting the FDIC’s Public Information Center. However, for those curious about specific evaluations, individual bank reports can be obtained directly from the respective financial institution or through the same information center.
With this latest disclosure, the FDIC continues its mission to ensure that banks and thrifts are meeting their obligations under the CRA. Institutions on this list may face closer scrutiny as regulators evaluate their commitment to community development and fair lending practices.
The release of the list comes as no surprise, given the FDIC’s ongoing efforts to maintain transparency in the banking sector. It also serves as a wake-up call for institutions that may be falling short of expected standards. The FDIC is committed to protecting depositors while promoting stability and public confidence in the financial system.
For more information on the banks examined under the CRA, contact the FDIC at (703) 470-0201 or visit their website.
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Key Facts
- Agency: FDIC
- Category: Fraud & Financial Crimes|Public Corruption
- Source: Official Source ↗
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