FDIC Updates Statement of Policy on MDIs

The FDIC board today voted to approve an update to its policy statement on minority depository institutions. The statement of policy describes the FDIC’s actions to promote the preservation of MDIs and enhance communication between the agency and minority-owned and managed institutions. It also defines program terms for technical assistance, training, education and outreach opportunities. The statement also explains how the FDIC applies examination standard in assessing the performance of MDIs.

The FDIC also said it is working with private sector and philanthropic organizations to establish a mission-driven bank fund to support FDIC-insured MDIs and community development financial institutions.