Third Federal Savings and Loan needs to improve lending in underserved areas, government says
Marc Stefanski, president and CEO, Third Federal Savings and Loan Association of Cleveland.
Third Federal Savings and Loan Association of Cleveland is struggling with making loans in low-income communities, according to Community Reinvestment Act (CRA) examinations by the Office of the Comptroller of the Currency.
Third Federal, whose business is almost exclusively in home mortgages, has been given a CRA rating of needs to improve by the OCC for the second time in its last two examination periods.
The rating comes for an institution that has been lauded for its charitable giving and efforts in underserved communities. In 2018, Third Federal president and CEO Marc Stefanski was recognized at the National Civil Rights Summit for his leadership in Fair Housing in Banking and Commerce.