The Federal Deposit Insurance Corporation (FDIC) has issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA).
The CRA is a 1977 law intended to encourage insured banks and thrifts to meet local credit needs, including those of low and moderate-income neighborhoods, consistent with safe and sound operations, noting the list covers evaluation ratings the FDIC assigned to institutions in April 2018.
A list of all state non-member banks whose evaluations have been made publicly available since July 1, 1990, can be obtained at www.fdic.gov. A copy of an individual bank’s CRA evaluation is available directly from the bank.
In accordance with the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Congress mandated the public disclosure of an evaluation and rating for each bank or thrift that undergoes a CRA examination on or after July 1, 1990.
Created in 1933, officials said the FDIC insures deposits at the nation’s banks and savings associations while also promoting the safety and soundness of institutions by identifying, monitoring and addressing risks to which they are exposed.
The FDIC receives no federal tax dollars, as insured financial institutions fund its operations.