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  • Oak Park bank slapped on community lending

    04/12/2011 2:52:28 PM PDT · by Piranha · 16 replies
    Chicagobusiness Powered by Crain's ^ | April 12, 2011 | Steve Daniels
    (Crain's) — Federal regulators hit an Oak Park community bank for failing to comply with the federal Community Reinvestment Act, a highly unusual censure. Community Bank of Oak Park River Forest, drew a rating of “substantial non-compliance” with the law that requires banks to lend and invest in low- and moderate-income neighborhoods. That's the worst CRA rating possible and very rare. Over the past 12 months, the Federal Deposit Insurance Corp. has rated only two other banks nationwide so harshly, agency records show. Over the past ten years, just 14 of more than 7,500 banks nationwide have been rated substantially...