FDIC Unveils List of Banks Scrutinized for CRA Compliance

The Federal Deposit Insurance Corporation (FDIC) has unleashed a no-holds-barred list of state nonmember banks that have recently undergone the Community Reinvestment Act (CRA) compliance examination. This latest rundown, dated September 2022, is a stark reminder to financial institutions about the严格的 oversight they face under the 1977 law designed to drive community lending and support.

The CRA mandates that insured banks and thrifts fulfill local credit needs, particularly in low- and moderate-income neighborhoods, all while maintaining safety and soundness. The public disclosure of these evaluations and ratings is a cornerstone of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), ensuring transparency and accountability.

Bankers beware: the list serves as both a guidepost for responsible community engagement and a wake-up call for those failing to meet their obligations. The FDIC encourages the public to access the consolidated list of all state nonmember banks evaluated since July 1, 1990, including individual ratings, or request hard copies directly from the FDIC’s Public Information Center.

For those looking to delve deeper into specific bank evaluations, a straightforward path exists. Each bank is legally required to provide its CRA evaluation upon request. This level of transparency underscores the FDIC’s commitment to holding financial institutions accountable for their community impact.

The release of this list comes as no surprise, given the ongoing scrutiny placed on the banking industry by regulatory bodies. With the FDIC at the helm, banks are reminded that compliance with the CRA is not just a box to tick but a crucial component of responsible lending practices.

For more information or to access the complete list, interested parties can reach out to the FDIC directly via phone or email. The latest update on this vital regulatory news was published on December 2, 2022.

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