FDIC ISSUES SEPTEMBER LIST OF BANKS EXAMINED FOR CRA COMPLIANCE
FOR IMMEDIATE RELEASE PR-51-99 (9-07-99)
Media Contact: David Barr (202) 898-6992
The FDIC today issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Ordinarily, this would have been referred to as the August list. However, beginning this month, the name of the list is changed to reflect the month in which the individual bank ratings and corresponding evaluations are made publicly available by the FDIC.
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. As part of 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.
A consolidated list of all state nonmember banks whose evaluations have been made publicly available, including the rating for each bank, can be obtained from the FDIC's Public Information Center, located at 801 17th Street, NW, Room 100, Washington, DC 20434 (800-276-6003 or (703) 562-2200) or via the Internet at www.fdic.gov.
A copy of an individual bank's CRA evaluation is available directly from the bank, which is required by law to make the material available upon request, or from the FDIC's Public Information Center.
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 10,390 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed.
FDIC press releases and other information, including today's quarterly listing, are available on the Internet at www.fdic.gov or through the FDIC's Public Information Center (800-276-6003 or (703) 562-2200).