Promoting the preservation of minority depository institutions (MDIs) and enhancing communication those banks and the federal insurer of deposits is the focus of a new policy statement issued by the agency Tuesday.
In a release, the Federal Deposit Insurance Corp. (FDIC) said the new policy explains how the agency applies exam standards in assessing performance of MDIs. The policy also defines the program terms for technical assistance, training, education, and outreach, the agency said.
“Under (Board) Chairman Jelena McWilliams’ leadership, the FDIC has sought new and innovative ways to engage with MDIs and better understand their needs,” the agency said in its release. The FDIC noted that it frequently provides technical assistance to MDIs and hosts banker roundtables and networking events to connect the institutions and non-MDIs for potential business partnerships.
The agency also said it is working with both private sector and philanthropic organizations to establish what it terms a “Mission–Driven Bank Fund” to support FDIC–insured MDIs and Community Development Financial Institutions (CDFIs).
FDIC Board Approves New Policy Statement on Minority Depository Institution