FDIC Board approves statement on MDIs

The Board of Directors of the FDIC yesterday approved a final Statement of Policy to enhance the agency’s efforts to preserve and promote Minority Depository Institutions (MDIs). The updates, strengthens and clarifies the agency’s policies and procedures related to its existing MDI framework.

Specifically, the new Statement of Policy describes the FDIC’s actions to promote the preservation of MDIs and enhance communication between the agency and these minority-owned and managed institutions. It also defines the program terms for technical assistance, training, education, and outreach. Finally, it explains how the FDIC applies examination standards in assessing the performance of MDIs.

Publication and effective date information: The FDIC's Statement of Policy was published at 86 FR 32728 on 6/23/2021, and was effective upon publication.

The FDIC also announced it is working with private sector and philanthropic organizations to establish a Mission-Driven Bank Fund to support FDIC-insured MDIs and Community Development Financial Institutions (CDFIs).