FDIC Creates New Office to Support Mission-Driven Banks

The FDIC announced today that it is creating a new office to support its engagement with mission-driven banks, including minority depository institutions and community development financial institution banks. The new Office of Minority and Community Development Banking will promote private sector investments in low- and moderate-income communities and expand collaboration with mission-driven banks.

FDIC Chairman Jelena McWilliams said that establishing the new office is part of the FDIC’s commitment to increasing financial inclusion and that “mission-driven banks are the financial lifeblood of their communities, enabling individuals and minority-owned small businesses to securely build savings and obtain credit.”