A Hawaiian banker is joining the minority depository institution advisory panel for the federal insurer of bank deposits, the agency said Wednesday.
Russell Lau, chairman and chief executive officer of Finance Factors Ltd. in Honolulu, was named to the Minority Depository Institutions (MDI) Subcommittee to the Federal Deposit Insurance Corp.’s (FDIC) Advisory Committee on Community Banking, the agency said.
The MDI Subcommittee serves as a source of feedback for FDIC strategies to fulfill its statutory goals for MDIs; provides a platform for MDIs to promote collaboration, partnerships, and best practices; and identifies ways to highlight the work of MDIs in their communities, the agency said.
The agency also noted that the next meeting of the subcommittee is set for May 23. Among other things, the group will hear an update on the current-expected-credit-losses (CECL) accounting standard methodology and timetable.
Following the public meeting, the agency said, subcommittee members will provide feedback “on the FDIC’s strategies to preserve and promote MDIs to include recent research and the creation of the Office of Minority and Community Development Banking, as well as to receive a briefing on the recent proposed rule regarding the Community Reinvestment Act Modernization.”