Cater to local needs, Fed tells SBI Chicago unit

Cater to local needs, Fed tells SBI Chicago unit


The Federal Deposit Insurance Corporation (FDIC) has concluded that SBI’s Chicago branch needs to improve its compliance with Community Reinvestment Act.

The Act is aimed at encouraging insured banks and thrifts to meet local credit needs, including those of low and moderate income neighbourhoods. Moreover, the activities should be consistent with safe and sound operations. In the list of banks evaluated for compliance, FDIC has given the rating ‘Needs to Improve’ to SBI Chicago, in April 2009, according to the latest data available with the agency.

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