On Friday, the Federal Deposit Insurance Corp. issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act.
Two banks in Colorado were examined: The State Bank in La Junta and Citywide Banks in Aurora–both received a “satisfactory” rating.
The list covers evaluation ratings assigned to institutions in October 2013.
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, according to an FDIC news release.
As part of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, Congress mandated public disclosure of an evaluation and rating for each bank or thrift that undergoes a CRA examination on or after July 1, 1990.
A copy of a bank’s CRA evaluation is available directly from the bank–required by law to make the material available upon request–or from the FDIC’s Public Information Center.
To view the complete January 2014 List of Banks Examined for CRA Compliance, click here.
