The Office of the Comptroller of the Currency (OCC) has renewed for two years the charter for its Minority Depository Institutions Advisory Committee (MDIAC), calling the panel “necessary and in the public interest,” according to a notice slated for publication Tuesday in the Federal Register.
The MDIAC – made up of officers and directors of minority depository institutions (MDIs, which include minority-owned national banks and federal savings banks) and other financial institutions that support MDIs – advises the comptroller on meeting its goals under section 308 of the 1989 Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). These goals are “to preserve the present number of minority depository institutions, preserve the minority character of minority depository institutions in cases involving mergers or acquisitions, provide technical assistance, and encourage the creation of new minority depository institutions,” the notice says.
The OCC is required to report on these activities under section 367 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The report details the OCC’s actions taken to preserve and promote MDIs – such as technical assistance, support, and training provided to MDIs and OCC examiners that supervise them.
According to the 2017 report, the OCC last year supervised a total of 49 MDIs, which account for 4% of the 1,226 institutions in the agency’s Midsize and Community Bank Supervision line of business.
Section 308 of FIRREA also directs the Treasury secretary to consult with the comptroller and chairmen of the Federal Reserve Board, the National Credit Union Administration (NCUA), and the Federal Deposit Insurance Corp. (FDIC) on methods for best achieving its section 308 goals, the OCC states.
The comptroller renewed the MDIAC charter for a two-year period that began June 25, 2018.
Notice: Minority Depository Institutions Advisory Committee
2017 Annual Report: Preservation and Promotion of Minority-Owned National Banks and Federal Savings Associations