99% of FDIC Supervised Banks Rated Satisfactory or Better for Consumer Compliance

The FDIC said today that 99% of the banks it supervises were rated satisfactory or better for consumer compliance and Community Reinvestment Act compliance, as of the end of 2020. In the agency’s Consumer Compliance Supervisory Highlights publication, the FDIC said it observed many banks taking steps to assist customers and communities as the pandemic unfolded. The FDIC said it monitored banks allowing loan modifications with no fees, waiving fees on accounts, and offering some in-home banking services.

“In addition to serving customers, we observed supervised institutions supporting employees by offering paid time to assist with local community efforts and to provide financial education to the public,” the FDIC said.

The agency said it conducted approximately 1,000 consumer compliance examinations in 2020 and initiated eight formal enforcement actions to address consumer compliance exam findings. The Supervisory Highlights publication provides an overview of the most salient issues identified by examiners, including those related to the Real Estate Settlement Procedures Act, the Truth in Lending Act and fair lending.