Two banks earn ‘needs to improve’ CRA ratings; six earn ‘outstanding’ marks

June 3, 2022 FDIC 0

Two banks earned ratings of “needs to improve” with regulations implementing anti-redlining laws, the federal insurer of bank deposits said Friday – but six banks earned ratings of “outstanding” compliance.

In Community Reinvestment Act (CRA) ratings released for June (and assigned in March), the Federal Deposit Insurance Corp. (FDIC) said Southern First Bank of Greenville, S.C., and Farmers and Mechanics Federal Savings Bank of Bloomfield, Ind., earned the “needs to improve” ratings.

At the same time, the FDIC said it had awarded “outstanding” ratings for CRA compliance to: Live Oak Banking Company, Wilmington, N.C.; United Cumberland Bank, Whitley City, Ky.; Bank of Cashton, Cashton, Wis.; First State Bank, Waynesboro, Miss.; The Pitney Bowes Bank, Inc., Salt Lake City, Utah; Central Valley Community Bank, Fresno, Calif.

The bank deposit insurance agency also said 49 banks around the country received “satisfactory” ratings for their compliance with the rules implementing the anti-redlining laws.

FDIC Issues List of Banks Examined for CRA Compliance

Fed’s Kugler becomes latest board member to advocate for continued agency independence

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VA firm must pay $3 million for taking funds, blocking accounts to pay for prisoner basic needs

November 14, 2024 0

A Virginia firm must pay $3 million for illegally taking millions of dollars from more than a half-million accounts and blocking money transfers to consumers who are incarcerated, according to charges made public by Thursday by the federal consumer financial [...]
OIG sets 4 recommendations for NCUA’s federal chartering process

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Automation, better communication on process and a process for handling inquiries are recommended for the federal credit union regulator’s chartering process in an inspector general audit report released recently on the agency’s website. The National Credit Union Administration (NCUA) Office [...]
Small FL credit union conserved

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The $59 million-in-assets Alliance Credit Union of Florida, Gainesville, Fla., was conserved last week by the state’s financial regulator, with the National Credit Union Administration (NCUA) named conservator. No specific reason for the conservatorship was provided in the NCUA’s evening [...]
PA bank failure, first of year, came from reclassified debt securities, dysfunctional management, report finds

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Republic First Bank became “critically undercapitalized” in April – which a dysfunctional board and management team exacerbated, ultimately leading to the bank’s failure, according to the material loss review published Wednesday by the federal insurer of bank deposits. The report, [...]
Reports of suspected fraud using deepfake media spurs FinCEN to issue ‘red flags’ alert to FIs

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An alert to help financial institutions identify fraud schemes targeting them and that are associated with the use of deepfake media created with generative artificial intelligence (GenAI) tools was issued Wednesday by Treasury’s financial crimes enforcement arm. The Financial Crimes [...]
Two promoted to OCC deputy controllers for large bank supervision

November 13, 2024 0

Two long-time bank examiners – Robert Barnes and Kevin Greenfield – were promoted to the posts of deputy comptrollers for large bank supervision, the Office of the Comptroller of the Currency (OCC) said Wednesday. The OCC said Barnes, a national [...]

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