The FDIC today announced it has released a new online tool to help financial institutions, investors and others identify neighborhoods that could benefit from banking services.
The new Minority Banking Opportunity Explorer supports the FDIC’s mission to promote the creation of new minority depository institutions by assisting financial institution organizing groups identify potential business opportunities in areas that may meet the ‘community served’ part of an MDI designation, the agency said in a statement. The tool will be officially unveiled during the agency’s Minority Depository Institutions Subcommittee meeting on Wednesday.
The new tool is an interactive map that uses census tract level data to reflect areas of minority population greater than one standard deviation above the national average. It also uses bank branch location data from the FDIC’s Summary of Deposits.
“As part of the FDIC’s ongoing commitment to support mission-driven banks, we are pleased to share a tool designed to assist those interested in creating new mission-driven banks or expanding the reach of other institutions,” said Betty Rudolph, director of the FDIC’s Office of Minority and Community Development Banking. “The insights from leaders in the mission-driven banking community remain invaluable and we look forward to working to ensure that the tool remains effective and responsive to their priorities and needs.”
