Rare “Substantial Noncompliance” CRA Rating Sighted
Usually, the monthly list of banks examined for CRA compliance is filled with an unbroken string of "S" and "O" ratings ("satisfactory" and "outstanding"). Occasionally, you'll see a "NI" ("needs to improve"). But we'd be hard-pressed to remember when we last saw a "SN" ("substantial noncompliance"). It's not quite as rare as a unicorn sighting, but it's close. Quick, if you go to the FDIC's August 2018 list, you'll see one in its natural habitat: a bank in Illinois. That report is going to make for some interesting reading. OCC's July list came in at a more typical proportion of 30 satisfactory ratings and 10 outstanding ratings. [8/8/18]
