The Federal Deposit Insurance Corporation (FDIC) rated three banks “outstanding” in its latest monthly list of banks examined for Community Reinvestment Act (CRA) compliance.
The remainder of the 60 banks included in the monthly list released Tuesday (Feb. 4) were rated “satisfactory.” None of the banks were rated “needs to improve” or “substantial noncompliance.”
The CRA ratings included in this list were assigned by the FDIC in November, the agency said in a Tuesday press release.
These ratings cover only the banks’ performance in meeting their responsibilities under the CRA, according to an FDIC page about CRA performance evaluations.
“The CRA is a 1977 law that requires the FDIC to assess a bank’s record of meeting the credit needs of its entire community, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations,” the release said.
The three banks rated “outstanding” include Bellaire, Ohio-based Belmont Savings Bank; El Centro, California-based Community Valley Bank; and Bronx, New York-based Spring Bank.
In the public disclosure of Belmont Savings Bank’s CRA performance evaluation, the FDIC said the bank’s performance under the Lending Test was satisfactory and its performance under the Community Development test was outstanding.
“BSB’s Community Development performance demonstrated outstanding responsiveness to community development needs in its [assessment area (AA)] through community development loans, qualified investments and donations, and community development services, considering the institution’s capacity, need and availability of such opportunities in the bank’s AA,” the evaluation said.
In the public disclosures of Community Valley Bank’s CRA performance evaluation and Spring Bank’s CRA performance evaluation, the FDIC said each bank’s CRA rating is outstanding.
“An institution in this group has an outstanding record of helping to meet the credit needs of its assessment areas (AA), including low- and moderate-income (LMI) neighborhoods, in a manner consistent with its resources and capabilities,” the Community Valley Bank evaluation said.
The FDIC supervises insured state-chartered banks that are not members of the Federal Reserve System and insured state savings associations, while the Federal Reserve System and the Office of the Comptroller of the Currency (OCC) enforce the CRA among other types of banks.