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Sterling National Bank resolves CRA data issues


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Sterling National Bank resolves CRA data issues

The Office of the Comptroller of the Currency said Sterling National Bank has fully resolved its Community Reinvestment Act data issues.

In December 2016, the OCC determined the Montebello, N.Y.-based bank's 2014 to 2016 CRA data was unreliable and that it lacked the effective process for the collection, verification and reporting of the data.

According to a Form 8-K, the OCC also reaffirmed the bank's satisfactory CRA rating in its performance evaluation for the review period from Jan. 1, 2014, to Jan. 21, 2017.

Parent Sterling Bancorp remains confident it will receive the necessary regulatory approval for its pending deal with Astoria Financial Corp. and still expects to complete the deal in the fourth quarter.