Oriental Included in FDIC’s 2nd Quarter CRA Examination Schedule
SAN JUAN – Puerto Rico-based Oriental Bank is among the list of institutions the Federal Deposit Insurance Corp. (FDIC) has scheduled for a Community Reinvestment Act (CRA) examination during the second quarter of 2016.
The CRA is a 1977 law intended to encourage insured banks and thrifts to help meet the credit needs of the communities in which they are chartered to do business, including low- and moderate-income neighborhoods.
The list is published pursuant to regulations that require each federal bank and thrift regulator to publish a quarterly examination schedule at least 30 days before the beginning of each quarter.
The examination schedule reflects the effects of an institution’s size and CRA rating on examination frequency. Absent reasonable cause, an institution with $250 million or less in assets and a CRA rating of “satisfactory” can be subject to a CRA examination no more frequently than once every 48 months. Absent reasonable cause, an institution with $250 million or less in assets and a CRA rating of “outstanding” can be subject to a CRA examination no more frequently than once every 60 months.
The institutions will be examined April 1, 2016 through June 30, 2016
The regulators encourage public comment on the institutions to be examined. Comments should be directed to Oriental itself or FDIC Deputy Regional Director Scott D. Strockoz of the New York Regional Office, at 350 Fifth Avenue, New York, NY 10118-0110 or via telephone, at (800) 334-9593 or (917) 320-2500.
All public comments received prior to completion of a CRA examination will be considered.