OCC Releases Evaluations of 36 Financial Institutions; Six Rated ‘Outstanding’

first_img About Author: Brian Honea Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Office of the Comptroller of the Currency (OCC) this week released its list of Community Reinvestment Act (CRA) performance evaluations that were made public during the month of October 2014 for 36 financial institutions.The financial institutions that received ratings from the OCC that became public during October were national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The four possible ratings were outstanding, satisfactory, needs to improve, and substantial noncompliance, according to the OCC.Six of the institutions evaluated received outstanding ratings: First National Bank Alaska, a large bank in Anchorage; Eastern National Bank, an intermediate small bank in Miami; BankChampaign, National Association, a small bank in Champaign, Illinois; North Shore Trust and Savings, a small bank in Waukegan, Illinois; Sunrise Banks, National Association, an intermediate small bank in St. Paul, Minnesota; and Texas Heritage National Bank, a small bank in Daingerfield, Texas.Twenty-nine of the institutions evaluated received a satisfactory rating, and one bank – Certusbank, National Association, a large bank in Greenville, South Carolina, received a needs to improve rating. None of the 36 banks evaluated received a substantial noncompliance rating.A searchable list of all public CRA evaluations can be found on the OCC’s web site. 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. Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Tagged with: Banks Community Reinvestment Act CRA Financial Institutions OCC Office of the Comptroller of the Currency Home / Daily Dose / OCC Releases Evaluations of 36 Financial Institutions; Six Rated ‘Outstanding’ Banks Community Reinvestment Act CRA Financial Institutions OCC Office of the Comptroller of the Currency 2014-11-14 Brian Honea in Daily Dose, Featured, Government, News Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Previous: Report: Despite October’s Monthly Spike, Foreclosures Declined in 10 States Next: Fourteen Indicted in New York Over $20 Million Mortgage Loan Fraudcenter_img Demand Propels Home Prices Upward 2 days ago November 14, 2014 942 Views The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles OCC Releases Evaluations of 36 Financial Institutions; Six Rated ‘Outstanding’last_img read more