OCC Releases Community Reinvestment Act Evaluation List

OCC Releases Community Reinvestment Act Evaluation List

A former National Hockey League player for St. Louis, Missouri, James Giacin has been in financial services since 1998. Before his role in the St. Louis firm, James Giacin created products for the Office of the Comptroller of Currency (OCC), a federal office that develops policies on emerging risks to bank capital.

In January 2023, the OCC announced it was releasing a list of Community Reinvestment Act (CRA) performance evaluations. The CRA requires that the Federal Reserve and other federal banking regulators promote practices in financial institutions that encourage meeting the financing needs of the communities they serve, especially neighborhoods with low and moderate incomes.

The CRA list contains the names of national banks, insured federal branches of foreign banks, and federal savings associations. The information was collected from September 1, 2022, to November 30, 2022. The evaluations were varied, with 11 institutions rated satisfactory, nine outstanding, and two “needs to improve.” To see how a financial institution fared, visit http://www.occ.gov.

via Blogger https://ift.tt/oSgcTfj
August 08, 2023 at 11:31AM