The Office of the Comptroller of the Currency (OCC) on Wednesday released list of Community Reinvestment Act (CRA) performance evaluations for 33 financial institutions.
The list released Wednesday includes evaluations that became public during the month of July 2015 and includes national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings, according to the OCC.
Out of the 33 evaluations released Wednesday, six of the institutions received ratings of outstanding: First National Bank South of Alma, Georgia; First Newton National Bank of Newton, Iowa; Chinatown Federal Savings Bank of New York, New York; First FS & LA of Newark, Ohio; the Peoples National Bank of Checotah, Oklahoma; and First Federal of Northern Michigan of Alpena, Michigan. Twenty-five institutions received a rating of satisfactory for their CRA evaluations; and two institutions, Eastern Savings Bank FSB of Hunt Valley, Maryland, and First FS & LA of McMinnville, Oregon, received needs to improve ratings. None of the 33 received a substantial noncompliance rating.
The CRA was first enacted by Congress in 1977 and revised in both 1995 and 2005. The purpose of the CRA is to "encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound operations," according to the U.S. Federal Reserve Board web site.