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Summary:

On June 15, 2021, the �౦��Ϸ���� Board of Directors approved an updated Statement of Policy Regarding Minority Depository Institutions.  The Statement of Policy enhances the �౦��Ϸ����’s efforts to encourage and preserve minority-owned and minority-led financial institutions, and updates, strengthens, and clarifies the �౦��Ϸ����’s policies and procedures related to the existing framework for the preservation and promotion of minority depository institutions (MDIs).

A copy of the Statement of Policy Regarding Minority Depository Institutions can be found on the �౦��Ϸ����’s website.

Statement of Applicability: This Financial Institution Letter (FIL) is applicable to all �౦��Ϸ����-supervised institutions.

Highlights:

• The approved Statement of Policy replaces the 2002 Statement of Policy.
• On September 25, 2020, the �౦��Ϸ���� published proposed revisions to the Statement of Policy in the Federal Register for public comment.  The �౦��Ϸ���� received and reviewed seven comment letters from the public.
• The Statement of Policy:
  • clarifies the �౦��Ϸ����’s expectations for technical assistance and illustrates opportunities for engagement with various members of �౦��Ϸ���� staff throughout the organization;
  • highlights the �౦��Ϸ����’s outreach efforts including, but not limited to, the establishment of the MDI Subcommittee of the Advisory Committee on Community Banking and enhanced activities to promote collaboration with MDIs;
  • defines terms used in the MDI Program, details reporting requirements, and specifies methods used to measure the effectiveness of the MDI Program activities; and
  • details considerations made by examination staff when evaluating performance and assigning ratings.
• After considering the comment letters, the �౦��Ϸ���� revised the proposed Statement of Policy to identify, specifically, state bankers associations as collaboration partners, along with other trade associations that support MDIs in the development of education and training events and other initiatives for MDIs.

Distribution:

�౦��Ϸ����-Supervised Institutions

Suggested Routing:

Board of Directors 
Chief Executive Officer 
Chief Lending Officer