Third Federal Savings and Loan Association of Cleveland (the “Association”), a subsidiary of TFS Financial Corporation (NASDAQ: TFSL), has received a "satisfactory" rating from the Office of the Comptroller of the Currency (OCC) on the Association's Community Reinvestment Act (CRA) exam for the period covering January 1, 2020, through December 31, 2022.
The regulatory rating acknowledges Third Federal's commitment to supporting partnerships with community-based organizations that provide homebuyer education and affordable housing opportunities. It also recognizes the extensive offerings of loan products and down-payment assistance programs for low* and moderate-income customers. Chairman and CEO Marc A. Stefanski stated that the company will continue to support its customers and communities most in need.
With the "satisfactory" rating on its most recent CRA exam, the Association expects to be in compliance with all standards established by the Federal Housing Finance Agency’s community support regulations. This compliance is required for access to long-term advances from the Federal Home Loan Bank, participation in community support programs, and certain expansionary activities.
Third Federal is a leading provider of savings and mortgage products and operates in 26 states and the District of Columbia. As of March 31, 2024, the company’s assets totaled $17.02 billion. The market has reacted to these announcements by moving the company's shares 1.4% to a price of $13.3. For more information, read the company's full 8-K submission here.
