OCC Grants Clean Bill of Health to 13 Banks in Latest Community Lending Audit
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The Office of the Comptroller of the Currency rated three banks “outstanding” and 10 “satisfactory” in its latest list of banks examined for Community Reinvestment Act (CRA) compliance, the OCC said in a Thursday (Oct. 1) press release. Among the OCC’s performance evaluations that became public in September, no banks received the regulator’s other ratings […] The post OCC Grants Clean Bill of Health to 13 Banks in Latest Community Lending Audit appeared first on PYMNTS.com .
The Office of the Comptroller of the Currency rated three banks “outstanding” and 10 “satisfactory” in its latest list of banks examined for Community Reinvestment Act (CRA) compliance , the OCC said in a Thursday (Oct. 1) press release.
Among the OCC’s performance evaluations that became public in September, no banks received the regulator’s other ratings of “needs to improve” or “substantial noncompliance,” according to the release.
“Under the CRA, the OCC assesses an institution’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of such institution,” the OCC said in the release.
The CRA rules were enacted in 1977 to combat discriminatory lending practices in minority neighborhoods.
The three banks rated “outstanding” in CRA compliance in September included Lake Charles, Louisiana-based First Federal Bank of Louisiana ; St. James, Minnesota-based First National Bank at St. James ; and Bloomington, Minnesota-based MidCountry Bank .
The 10 banks rated “satisfactory” included San Diego, California-based Axos Bank ; Hillsboro, Illinois-based Constitution Bank, National Association ; Chicago, Illinois-based GN Bank ; Nashville, Illinois-based The Farmers and Merchants National Bank of Nashville ; DeRidder, Louisiana-based Beauregard FSB ; Minneapolis, Minnesota-based Ameriprise Bank FSB ; Fryburg, Pennsylvania-based First United National Bank ; Fort Stockton, Texas-based First National Bank of Fort Stockton ; Tom Bean, Texas-based The First National Bank of Tom Bean ; and Altoona, Wisconsin-based CCFBank National Association .
The OCC determined each bank’s CRA rating based on performance tests and standards outlined in the CRA rule and based on information about the institution and the community it serves, according to a questions and answers page about the program.
The OCC’s list includes national banks, federal savings associations and insured federal branches of foreign banks, per the Thursday press release.
The Federal Reserve Board oversees and provides CRA ratings and performance evaluations for state-chartered banks that are members of the Federal Reserve System, while the Federal Deposit Insurance Corp. does so for state-chartered banks that are not members of the Federal Reserve System, the program page said.
In the FDIC’s most recent list of state nonmember banks evaluated for CRA compliance , which was released Sept. 4, two banks received a rating of “outstanding,” two received a rating of “ needs to improve ” and 33 received a rating of “satisfactory.”
The post OCC Grants Clean Bill of Health to 13 Banks in Latest Community Lending Audit appeared first on PYMNTS.com .