Massachusetts' East Bridgewater Savings Bank claims to have no bad loans on its books. Bank officers say that's because they have very high lending standards. Those standards are too high, according to the Federal Deposit Insurance Corp. The agency rapped the bank for not lending more and slapped it with a "needs to improve" rating under the Community Reinvestment Act.
Reason's Annual Webathon is underway! Donate today to see your name here.
Reason is supported by: