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 2021. In the agency’s Consumer Compliance Supervisory Highlights publication, the FDIC said financial institutions continue to make adjustments to their operations in response to the COVID-19 pandemic to ensure consumers have access to the essential products and services they rely on.

The agency said it conducted approximately 1,000 consumer compliance examinations in 2021 and initiated 20 formal enforcement actions and 24 informal 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 Flood Disaster Protection Act, Real Estate Settlement Procedures Act, the Truth in Lending Act and fair lending.