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For Release

WASHINGTON—The Board of Directors of the Federal Deposit Insurance Corporation (�౦��Ϸ����) today approved a final Statement of Policy to enhance the agency’s efforts to preserve and promote Minority Depository Institutions (MDIs). The �౦��Ϸ����’s revised policy statement reflects public comment received in response to a proposal issued in August 2020 and updates, strengthens and clarifies the agency’s policies and procedures related to its existing MDI framework. Read the �౦��Ϸ����’s new Statement of Policy .

Specifically, the new Statement of Policy describes the �౦��Ϸ����’s actions to promote the preservation of MDIs and enhance communication between the agency and these minority-owned and managed institutions. The Statement of Policy also defines the program terms for technical assistance, training, education, and outreach. Finally, it explains how the �౦��Ϸ���� applies examination standards in assessing the performance of MDIs.

The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) established several goals related to MDIs: (1) preserving the number of minority depository institutions; (2) preserving the minority character in cases of merger or acquisition; (3) providing technical assistance to prevent insolvency of institutions not now insolvent; (4) promoting and encouraging creation of new minority depository institutions; and (5) providing for training, technical assistance, and education programs.

Under Chairman Jelena McWilliams’ leadership, the �౦��Ϸ���� has sought new and innovative ways to engage with MDIs and better understand their needs. The �౦��Ϸ���� frequently provides technical assistance and hosts banker roundtables and networking events to connect MDIs and non-MDIs for potential business partnerships. The MDI Subcommittee to the Advisory Committee on Community Banking provides an important source of feedback on program initiatives; provides a platform to promote collaboration, partnerships, and best practices; and identifies ways to highlight the work of MDIs in their communities.

In addition, the �౦��Ϸ���� is working with private sector and philanthropic organizations to establish a Mission–Driven Bank Fund to support �౦��Ϸ����–insured MDIs and Community Development Financial Institutions (CDFIs). Read more about the Mission–Driven Bank Fund .