MDI subcommittee for FDIC meets April 12 to discuss collaboration ‘best practices,’ Treasury ECIP

Issues for minority depository institutions and their communities – including discussion of collaboration “best practices” and, in closed session, of Treasury’s Emergency Capital Investment Program (ECIP) – is slated April 12 by a Federal Deposit Insurance Corp. (FDIC) advisory subcommittee.

The Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee on Community Banking will begin the public portion of its meeting at 1 p.m. ET. Panel members will share insights into key challenges and opportunities facing their communities and financial institutions, the FDIC said. It added that during an “MDI Spotlight” feature, a director of Carver State Bank in Savannah, Ga., will discuss collaboration best practices by a group of Black MDIs that together provided a $35 million loan to refinance the Atlanta Hawks Emory Sports Medicine Complex.

Following the public meeting, MDI Subcommittee members will provide feedback on the FDIC’s strategies to preserve and promote MDIs. Topics include the U.S. Department of the Treasury’s new ECIP, which is taking applications now from MDIs and certified community development financial institutions (CDFIs).

The ECIP has $9 billion in capital to provide directly to institutions whose customers may be disproportionately affected by COVID-19 pandemic-related economic impacts. Treasury said it will set aside $2 billion for CDFIs and MDIs with less than $500 million in assets and another $2 billion for those with less than $2 billion in assets. Applications are due May 7.

FDIC Minority Depository Institutions Subcommittee to Meet

Treasury ECIP

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